RIA Novosti quoted a source familiar with the decision said the board of directors of Russian oil giant Rosneft on Monday approved an increase in dividends for 2011 to 25% of IFRS net profit.

The source said “The board of directors meeting was held today. The dividend has been set at 25% of IFRS net profit, as announced. I could be mistaken on the kopecks but the price is at RUB 7.59 per share.”

Rosneft shareholders earlier approved 2011 dividend payments of RUB 36.564 billion or 11.6% of net profit but the government told Rosneft to increase its dividends to 25% of net profit. The additional divident payout could reach RUB 43.2 billion making a total payout of RUB 79.8 billion or RUB 7.53 a share.

Rosneft President Mr Igor Sechin has previously said he intends to maintain the company dividend payments at 25% of net profit.

Source - RIA Novosti

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