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Gazprom cancels dividend for first time since 1998, shares dive

Gazprom cancels dividend for first time since 1998, shares dive
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Thursday, 30 June, 2022, 15:24

Russian gas giant Gazprom has decided not to pay dividends on last year’s results, the first time it will not pay out since 1998, sending its shares plunging 27 per cent.

“The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results,” deputy chief executive Famil Sadygov said.

He added that Gazprom would rather focus on Russian regional gasification, preparation for the heating season and paying increased taxes.

Gazprom shares plunged by more than 27 per cent on the decision, which reversed a board recommendation to pay a dividend of 52.53 roubles per share in what would have been its biggest payout.

Gazprom plans to spend 526 billion roubles (€9.6 billion) by 2025 to increase Russia’s gasification from its current level of 72 per cent.