Business Services Industry
RUSSIA: GAZPROM TO REDUCE DIVIDENDS.(Brief Article)
IPR Strategic Business Information Database, December, 2003
Natural-gas monopolist Gazprom will reduce its 2003 dividend payment from 31 billion rubles ($1.06 billion) to 16 billion rubles ($550 million), "Gazeta" reported on 17 December. The state-controlled company decided to halve its dividend payment under pressure from government officials worried about the company's 43 billion-ruble budget deficit. Reactions to the news varied, with some analysts calling it a sensible move and others expressing disappointment. Aton chief analyst Steven Dashevskii told "Vedomosti" on 17 December that the decision, though expected, was "still unpleasant." The analyst went on to explain that "the cost of developing [Gazprom's] gas fields is so high that it will eat up all of the company's free funds. Investors shouldn't count on high...
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