Rosneft directors recommend dividend payments

The Board of Directors of Rosneft has recommended at the shareholders' meeting scheduled for June 28 to allocate 1.5bn rubles ($48.4m) to pay dividends for 2002, the company's press service has reported. It means that some RUR16.63 ($0.54) will be paid per share of RUR1 par value, compared to RUR12.19 for 2001.

The company's net income in 2002 was 8.9bn rubles ($287m). Income before taxes amounted to 12.7bn rubles ($409m). Sales revenues were 61.3bn rubles ($1.98bn) last year, which was a 42-pecent gain compared to 2001.

Rosneft's share capital is divided into 90.179m common shares of RUR0.01 par value. The only stockholder is the Russian Property Relations Ministry.

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