Bashneft’s total dividends amounted to 82.7 billion rubles for 2013

Iliya Spiridonov

The Annual General Meeting of Shareholders of JSOC Bashneft took the decision to allocate dividend payments for the 2013 fiscal year amounting to 37.48 billion rubles or 211 rubles per share. Earlier, the company has already paid 45.25 billion rubles of dividends for 9 months of 2013 (199 rubles per share). Thus, the total amount of net profit allocated in the form of dividends over the past year amounted to 82.73 billion rubles, or record 410 rubles per share.

The Annual General Meeting of Shareholders elected a new membership of the Board of Directors of JSOC Bashneft, reduced from 11 to 10 people. For the first time it includes the former senior vice president of BP and former chief executive of TNK-BP Didier Baudrand, former financial director of Austrian Lenzing AG Thomas Winkler and vice president of Sistema JSFC Michael Hecker. Bashneft President Alexander Korsik, Deputy Chairman of the Board of Directors of Sistema JSFC Alexander Goncharuk, vice-presidents of Sistema JSFC Sergey Drozdov, Felix Evtushenkov, Vsevolod Rozanov and Mikhail Cherniy, as well as independent director Charles Watson retained their places in the Board.

During a briefing on the results of the meeting of shareholders the company President Alexander Korsik outlined the main results of 2013. Thus, the Bashneft’s reserves replacement ratio was 133.7 percent. According to him, this was achieved through efficient geologic exploration.

“Now we have enough reserves for 18 years. This is largely due to exploration activities in Bashkiria. There is still a lot of work to do. In addition, we have exploration progress in the Nenets Autonomous District, as well as we plan to start it in Western Siberia on the fields of Burneftegaz LLC, which we acquired", Alexander Korsik said.

The company shows production growth. Thus, oil production in 2013 increased by 4.1 percent compared to the previous year due to launch of Trebs and Titov oil fields and increase in production in the Republic of Bashkortostan. Further growth is associated with the development of Sorov and Tortasinsky fields in the Tyumen region.

Alexander Korsik noted positive trends in oil refining sector. Last year, the company started a sulfuric acid alkylation unit, and recently opened catalytic cracking gasoline hydrotreater. It is planned to enter the installation of hydrogen production capacity of up to 153 thousand tons per year. According to the company's annual report, the completion of these projects will allow completely transferring on motor fuels of Euro 5 standard by 2016.

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