05:49 GMT05 August 2020
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    Head of the Russian energy giant Gazprom finance and economics department said that Russian energy giant Gazprom will not change its dividend policy amid difficult market conditions.

    MOSCOW (Sputnik) — Russian energy giant Gazprom will not change its dividend policy amid difficult market conditions, Deputy Chairman and head of the company’s finance and economics department Andrey Kruglov said Tuesday.

    “No changes in dividend policy are planned… the Board decided to maintain the level of dividend payments at 25 percent of net profits according to RAS [Russian Accounting Standards]. We do not envision changes in dividend policy due to the crisis,” Kruglov said.

    In October 2014, deputy head of Gazprom’s finance and economics department Alexander Ivannikov said that he could not rule out the possibility of using the holding’s profits to finance investment projects by reducing dividend payments. However, Russia’s energy and finance ministries soon stated that this option was not being discussed.

    According to preliminary data, Gazprom produced 443.9 billion cubic meters of gas in 2014, a 8.9 percent decrease compared to the previous year, while total export volumes went down by 14.7 percent.


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