Transneft to Pay 50% of 2015 Net Income in Dividends

Nikolai Tokarev, the head of Russian oil pipeline monopoly Transneft, said on Monday his company was ready to pay out 50 percent of its 2015 net income in dividends for both ordinary and preferred shares.

 

Russian Prime Minister Dmitry Medvedev has ordered state-owned companies to pay 50 percent of net profit in dividends in an attempt to replenish state coffers hit by a collapse in global oil prices.

 

Transneft's preferred shares, which account for 22 percent of its equity, are widely held by emerging-market and Russia-dedicated funds. The Russian state owns a 78.1 percent stake in the company.


(Reporting by Denis Pinchuk; writing by Vladimir Soldatkin; Editing by Jack Stubbs)