President Putin advises energy companies to increase dividends

President Vladimir Putin has recommended that state fuel and energy companies raise dividend payouts taking the lead from Rosneft, RBC reports.

Speaking at a meeting of the presidential commission on the fuel and energy complex, he stressed that state-controlled companies should improve management efficiency.

Rosneft submitted to the government a proposal to increase its dividend allocations to 25% of IFRS net profit for 2011, in line with a relevant recommendation from Putin. Total payouts could amount to RUB 79bn (approx. USD 2.39bn).