Finance Ministry: Government to decide on Rosneftegaz's accumulated dividends in 2013

The government will decide in 2013 which share of Rosneftegaz's accumulated dividends will be spent for what purpose, Finance Minister Anton Siluanov told the media.

It has decided already, Siluanov said, the that the company's dividends for the first nine months of 2012, amounting to 50.2 billion rubles, will go to the budget and will then be put into RusHydro's recapitalization for financing its projects in the Far East.

"Concerning the rest, we will have to give it a thinking and we will most likely finally decide on this next year," he said.

"We could withdraw them now and they would go to the Reserve Fund as the remainder. But why should we? If we don't, we could decide next year how we can use this resource, how effectively it could be spent and to what projects it could be directed," Siluanov said.

Siluanov did not speak about how much of these resources could be used. "There are about 130 billion rubles there now, and 50.2 billion rubles more are expected to arrive this year. So, the amount we could transfer to the budget will depend on what projects will have been prepared and how much of Rosneftegaz's money we will need immediately," he said.

Deputy Prime Minister Arkady Dvorkovich signed an executive order last week to pay out Rosneftegaz's dividends for the first nine months of 2012, amounting to 50.2 billion rubles, at a rate of 1.98 rubles per common share.

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