Gazprom Neft BoD Reviews 2015 Investment Programme & Recommends

Source: www.gulfoilandgas.com 4/15/2016, Location: Asia

The Gazprom Neft Board of Directors has reviewed the execution of the company’s investment programme and budget in 2015. Last year total expenditure under the company’s investment programme exceeded RUB 344 billion.

Based on its 2015 results, Gazprom Neft has maintained a leading position in the oil industry across a range of performance indicators, including operating profit (OP) and internal rate of return (IRR). It recorded the industry’s best performance in production growth in 2015 — a 20.3% increase to 79.7 million tonnes of oil equivalent (mtoe). Refining volumes totalled 43.1 million tonnes. Despite a general market decline, Gazprom Neft maintained its premium retail sales at the levels achieved in 2014, at 25.7 million tonnes. Sales of oil products via the company’s filling station network increased by 2.5%.

The Gazprom Neft Board of Directors has also reviewed preparations for the company’s Annual General Meeting of Shareholders (AGM), recommending a dividend payment in the order of RUB 30.7 billion or RUB 6.47 per ordinary share (after payment of dividends for 1H15). This represents 28% of the company’s FY15 net profit (under IFRS) of RUB 109.7 billion. The company expects to confirm the list of individuals entitled to receive dividends on 27 June 2016.

The Board of Directors has also proposed the appointment of AO PriceWaterhouseCoopers Audit as the company’s auditors, subject to confirmation by the General Meeting of Shareholders.

As approved by the Board of Directors, the General Meeting of Shareholders in Gazprom Neft will take place in St Petersburg on 10 June 2016. A list of individuals entitled to attend the General Meeting of Shareholders will be compiled based on officially recorded holders of registered securities as at close of business on 26 April 2016.


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