TNK-BP Holding EGM Approves Interim Dividend
15 Nov 2006
TNK-BP announced that its Russian holding company, TNK-BP Holding (TBH) held an Extraordinary General Meeting of shareholders (EGM) today at which an interim dividend of RUR 97 billion (RUR 5.95 per share) was approved. The dividend will be paid from TBH earnings for the first nine months of 2006, which include the impact of the sale of Udmurtneft to Sinopec completed in August 2006.
The EGM also approved a change to the charter of the company, which will allow a maximum time period of six months to pay declared dividends.
During the meeting, Robert Dudley, President and CEO of TNK-BP, briefly reviewed the company’s performance in the first nine months of 2006. TNK-BP production over that period (which includes production from Udmurtneft until August, 2006) was 56.2 million tons (1.5 mbpd). Refining throughput for the same period rose 7% year on year to 16.6 million tons (0.44 mbpd.) The TNK retail presence expanded during 2006 to Rostov and St. Petersburg and a large scale program for re-branding all TNK filling stations was launched in August this year.
TNK-BP’s Chief Financial Officer Jim Owen said:” In future TBH intends to pay dividends twice a year – one interim dividend based on the first half — year results and a final dividend based on year — end results. The interim and final dividends will be approved at shareholders’ Extraordinary and Annual General Meetings respectively.”
Commenting on the outcome of the meeting Robert Dudley said: ”I am pleased that our corporate governance is steadily and surely evolving towards greater transparency and predictability. Having two meetings for shareholders each year and two recommended dividend payments is a good step forward. But of course, the value of TBH is about more than simply good dividends. We believe the market will also view TNK-BP as an attractive value growth opportunity”.
Note to Editors:
-
TBH is a Russian registered and domiciled open joint stock company incorporated in November 2004. TBH holds the majority of TNK-BP’s assets and operations in Russia, having subsumed the Russian assets of TNK, ONAKO and Sidanco through a corporate restructuring program. It does not include TNK-BP’s interests in Ukraine, Slavneft, the Kovykta gas field, or BP branded retail stations in Moscow.
-
Minority shareholders own approximately 5% stake in TBH and their shares have an indicative quotation on the Russian Trading System (RTS) Board.
-
The first annual shareholders meeting (AGM) of TBH was held on June 28, 2006. The meeting approved a dividend payment of RUR 8.06 per share. The total recommended and approved dividend amount of RUR 131.3bn (USD 4.8bn) represented all of TBH’s accumulated retained earnings in respect of 2004 and 2005.
-
In August 2006 TBH completed the sale of its shares in Udmurtneft to the Chinese company, Sinopec for approximately RUR 87bn.
For further information please contact:
- TNK-BP financial information: Svetlana Borodina: + 7 495 777-77-07 Ext.1381
- For international media enquiries: Marina Dracheva: + 7 495 363-65-80
- For Russian media enquiries: Alexander Shadrin: + 7 495 745-78-46
|
