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