17 June 2004 08:49
RITEK INCREASES DIVIDENDS 83%
MOSCOW. June 17 (Interfax) - Shareholders in Russian Innovative Fuel and Energy Company (RITEK) decided at their AGM
in Moscow on Thursday to pay dividends for 2003 on all shares at the rate of 1.28 rubles per share, which is 83% more
than in 2002, an Interfax correspondent reports from the meeting.
In total, 10% of the company's net profits will go on the payment of dividends, which will be carried out from
August 10 to December 31, 2004. Shareholders decided that 85% of net profit would be invested. RITEK net profit last
year amounted to 1.259 billion rubles, up 73% from 2002. Revenue increased 56% to 7.498 billion rubles and pretax profit
amounted to 1.684 billion rubles.
RITEK also plans to complete construction of the second strand of
the 105-km Bobrovka-Andra pipeline, a 19-km pipeline from the
Sandibinskoye field to the village of Lumgi and a tank farm with a
Shareholders also elected a new board of directors, to include: Tatarstan Deputy Natural Resource and Ecology
Minister Timur Akchurin, Lukoil President Vagit Alekperov, Energostandart General Director Alexander Bulatov, RITEK
General Director Valery Graifer, head of the legal protection section of the main Lukoil legal department Sergei Goglev,
deputy director of Lukoil's main treasury and corporate finance department Sergei Zenkin, Lukoil Vice President
Sergei Kukura, Kogalymneftegaz General Director Alexander Leifrid, director of the Energy Research Insatiate at the
Russian Academy of Sciences Alexei Makarov, Lukoil Vice President Vladimir Nekrasov, Aton Deputy Director Valery
Tolkachev, Khanty-Mansiisk autonomous district Deputy Governor Vladimir Khariton, and Union of Russian Oil
Industrialists President Gennady Shmal. Alekperov was elected a chairman of the board.
Shareholders also established priority areas in the company's activity in 2004: increasing oil production to
3.63 million tonnes, including 2.5 million tonnes at the company's own fields; drilling 214,000 meters and bringing
78 new wells on-stream; and building directional wells in Yamalo-Nenets autonomous district. To develop its raw material
base in 2004 the company plans to carry out exploration drilling at the Longyugansky, Sredne-Khulymsky, Lenzitsky,
Vostochno- Perevalny and Serginsky license zones in Western Siberia and at the Menzelinsky and Agryzsky sections in
Tatarstan. The company plans to increase its C1+C2 reserves by 16.6 million tonnes.
capacity of 40,000 cubic meters at that field.
Russian oil major Lukoil owns about 60% of RITEK shares. RITEK oil production last year amounted to 2.938 million
tonnes.
Shareholders confirmed KPMG as the company's auditor and approved changes and addenda to the company
charter.
RITEK charter capital amounts to 70 million rubles split into 100 million shares, including 250,000 preferred shares,
with a par value of 70 kopecks. The company's capitalization increased almost 100% last year to $203.5 million.
The company currently owns 25 licenses to carry out subsoil operations at 27 fields and five exploration zones. Total
current C1+C2 geological oil reserves amount to about 950 million tonnes of oil and over 2 billion cubic meters of gas.
In 2003 RITEK exported over 2.5 million tonnes of oil.
The company's assets in 2003 increased to 15 billion rubles.
[Interfax] |
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