SOCHI: Russia's largest oil producer Rosneft, which is state-controlled, plans to pay 50 percent of its net profit in dividends starting from 2017, and the plan will be presented to the government soon, Rosneft CEO Igor Sechin said on Thursday.
Addressing a shareholders' meeting, Sechin said the dividend policy was consistent with the company's new strategy, to be worked out by the end of this year and called "Rosneft-2022".
Within this strategy, Rosneft plans organic oil production growth by 20-30 million tonnes in the next five years thanks to new technologies, he said.
Rosneft sees an average world oil price of $40 per barrel in 2018, Sechin said. Rosneft also plans to create a petrochemical division of its own and to unbundle its retail business.
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