Rosneft says no change to dividend policy despite lower state stake

Business News


FILE PHOTO: The logo of Russia’s oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City, Vietnam April 26, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) – Russia’s largest oil producer Rosneft (ROSN.MM) said on Sunday it planned to maintain a dividend policy of paying out half of its net profit despite the state lowering its stake in the company to below 50%.

Rosneft plans to continue developing offshore fields in Russia but does not plan to start any new offshore projects until after oil prices recover, it said in a statement to Reuters.

You Might Like

State holding company Rosneftegaz relinquished its controlling stake in Rosneft after the latter left its business in Venezuela, an adversary of Washington.

Reporting by Olesya Astakhova; writing by Andrey Ostroukh; editing by Katya Golubkova and Jason Neely


Read the Original Article Here

Articles You May Like

Fired FBI Agent Peter Strzok: We Need a Special Unit to Protect FBI Agents From Americans (VIDEO)
Here’s How the Democrats Will Steal Pennsylvania in 2024
California’s Democrat Legislators Vote to Ban Grass Lawns
Take a look at the powerful and easy-to-drive $2.1 million Rimac Nevera electric hypercar
Establishment Republicans Trashing Trump Is Not Stunning or Brave

Leave a Reply

Your email address will not be published. Required fields are marked *