Transneft board to discuss results of 2001 business activities

Today the Board of Directors of the Transneft oil company is going to review the results of the company's operations in 2001, told Transneft Vice President Sergei Grigoryev. According to him, among other issues, the Board of Directors is to discuss the company's dividend policy. The company is planning to use 10 per cent of its net profit for paying dividends.

As the Energy Ministry previously reported, according to preliminary estimates, the revenues of the Transneft joint-stock company were RUR69.4bn ($2.24bn) in 2001, gross profit was RUR35.9bn ($1.16bn), and the amount of taxes paid to the state budget was RUR21.2bn ($684.09m). The expected share of profit left at the company's disposal will amount to RUR22.5bn ($726.04m).

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