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Gazprom cancels dividend, shares crash


The high energy prices flushed many billions into the coffers of the Russian gas company Gazprom. But because of uncertain prospects, the group is now canceling the dividend. Shareholders are shocked.

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A Gazprom logo in Moscow: bleak prospects

Photo: Sergei Ilnitsky / dpa

Actually, the Russian energy group Gazprom wanted to distribute a dividend to its shareholders this year.

There should be around 52 rubles per share.

Instead, they get: nothing at all.

The owners of the Russian energy company - above all the Russian state, which holds more than 50 percent of the shares - rejected a dividend proposal.

"Shareholders have decided that in the current situation it is not advisable to pay dividends based on 2021 results," said Deputy CEO Famil Sadygov.

The priority is the implementation of the investment program.

As recently as May, Gazprom's board of directors proposed a dividend of 52.53 rubles per share for 2021.

This is no longer the case.

The decision caused Gazprom shares to be sold off on the stock exchange: the price of the paper fell by 25 percent at times.

Last year Gazprom had achieved a record result of more than 28 billion euros.

But the prospects are not exactly rosy: Russia has already drastically reduced gas supplies via pipelines to Europe and could cut them further.

In addition, the heads of state of the G7 countries want to introduce a price cap for the gas price - both of which would probably reduce the group's sales.


Source: spiegel

All business articles on 2022-06-30

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