June 7, 2020 / 8:35 AM / a month ago

Rosneft says no change to dividend policy despite lower state stake

FILE PHOTO: The logo of Russia's oil company Rosneft is pictured at the Rosneft Vietnam office in Ho Chi Minh City, Vietnam April 26, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s largest oil producer Rosneft (ROSN.MM) said on Sunday it planned to maintain a dividend policy of paying out half of its net profit despite the state lowering its stake in the company to below 50%.

Rosneft plans to continue developing offshore fields in Russia but does not plan to start any new offshore projects until after oil prices recover, it said in a statement to Reuters.

State holding company Rosneftegaz relinquished its controlling stake in Rosneft after the latter left its business in Venezuela, an adversary of Washington.

Reporting by Olesya Astakhova; writing by Andrey Ostroukh; editing by Katya Golubkova and Jason Neely

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