Transneft to review results of 2001 operations

The Board of Directors of Transneft will review the results of the company's operations in 2001 on March 12, Transneft Vice President Sergei Grigoryev told RBC. According to him, among other issues, the Board of Directors will discuss the company's policy on dividends. The company plans to allocate 10% of its net profit for payment of dividends.

As the Energy Ministry reported earlier, the revenues to the Transneft joint-stock company reached RUR69.4bn ($2.24bn) in 2001, the gross profit was RUR35.9bn ($1.16bn), and the amount of taxes paid to the state budget reached RUR21.2bn ($684.09m). The estimated sum of the profit to be left at the company's disposal is RUR22.5bn ($726.04m).

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