Rosneft expects its capital expenditures to be about $15 billion next year, flat from 2012, as the company increased dividend payout and is poised for a $55 billion takeover, it said in a presentation Thursday.
The growth in capital expenditures will be halted after an increase from $9 billion in 2010 to $13 billion last year.
Rosneft, which is acquiring Anglo-Russian crude producer TNK-BP for $55 billion, did not provide the breakdown of the investment outlays, but its refineries require urgent modernization.
A Rosneft spokesman declined comment.
Earlier this year, Rosneft's chief executive, Igor Sechin, announced that the company would double its dividend-payout ratio to 25 percent of net income, with total payments at 7.53 rubles per share.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.