Bashneft will direct almost half net profit on dividends payment

UFA, 28 May 2015. /Bashinform News Agency, Elvira Latypova/. JSOC Bashneft plans to direct a part of the net profit amounting to 20.07 billion rubles for dividends payment for 2014. 113 rubles may be paid per each ordinary and preferred share, according to the press release of the oil company. The shareholders' meeting will be held in Ufa on June 30.

The net profit of Bashneft according to IFRS was 43,1 billion rubles in 2014. Consequently, 46.5 percent of net profit will be allocated for dividends.

The Board of Directors also approved a report on the redemption of Bashneft ordinary shares constituting 1.51 percent of the authorized capital. The decision on them was taken on March 18.

With the redemption of treasury stock the authorized capital of Bashneft amounted to 177,634,501 rubles. It is divided into 147,846,489 ordinary shares and 29,788,012 preferred shares with par value of 1 ruble each. The stake of each shareholder in the authorized capital increased proportionally with the redemption of treasury stock. The stake of the Russian Federation increased from 73.94 to 75.08 percent.

JSOC Bashneft is a vertically integrated company that operates in more than 20 regions of Russia and abroad. As a result in 2014 it ranked 6th in Russia in terms of oil extraction (17.8 million tons) and took the 4th place in terms of its primary refining (21.7 million tons). 3.4 percent of the total volume of oil extraction and 7.6 percent of total volume of oil refining in Russia are accounted for Bashneft.