Sibneft Approves Record Dividend Payment
Moscow, 17 August 2001; Sibneft will pay a dividend of 3.79 roubles per
share, the company's board of directors decided at a meeting held yesterday.
The dividend payout will total 17.970 billion roubles ($612 million), a new
record for a Russian company.
Dividend payments will begin on 17 September 2001 to shareholders on the
register on 3 August 2001. This dividend follows the company's first
dividend of 0.3 roubles per share announced in October 2000.
Sibneft in June unveiled net profits for 2000 under US GAAP standards of
$674.8 million, more than double the level achieved the previous year. The
strong profit performance resulted from a combination of higher global oil
prices and productivity gains flowing from the successful restructuring of
the company's exploration and production division.
The board's decision follows the company's move to adopt a dividend policy
laying out the framework for future dividend payments to shareholders. Under
the terms of the policy, the company intends to pay dividends on an annual
basis, returning an average of at least 15% of net income to shareholders
over the long-term earnings cycle.
Sibneft president Eugene Shvidler hailed the landmark dividend payout. "This
decision to return a large portion of net profits to shareholders reflects
the management's determination to ensure that our shareholders enjoy a
superior return on their investment. This historic decision was taken in
response to strong encouragement from investors and fits in with the
company's long-term strategy for developing its relationship with the
investment community and international capital markets."
Contact:
Nick Halliwell
Sibneft
Tel: +7 095 777 3116
nick@sibneft.ru
www.sibneft.ru 
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