Russian pipeline monopoly Transneft has surprised no one with its recommendation that shareholders approve a 27% increase in the 2010 dividend at the annual general meeting in late June. The board recommended a dividend of 132.34 rubles ($4.70) per ordinary share and 314.73 rubles per preferred share. Total payments will be 1.2 billion rubles, 25.7% higher than the year before, when it paid 105.29 rubles per common share and 250.39 rubles per preferred share (IOD Apr.21'10,p3). The dividend will account for roughly 25% of Transneft's 2010 profits, which reached 4.9 billion rubles under Russian accounting standards.
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