Bloomberg News

Transneft Jumps to One-Month High on China Oil Pricing Plans

October 25, 2011

Oct. 25 (Bloomberg) -- OAO Transneft surged to a one-month high after Nikolai Tokarev, the company’s president, said Russia aims to renegotiate an oil-pricing agreement by the end of the year and that the company sees no need to change its dividend policy.

The shares climbed 5.6 percent to 35,786 rubles as of 6:18 p.m. in Moscow, the highest intraday level since Sept. 22.

There is no reason to pay higher dividends, Tokarev told reporters in Vyngapur, Siberia today. Transneft and state- controlled OAO Rosneft expect to receive $75 million owed by China in two to three weeks, Tokarev said. The companies agreed in 2009 to borrow $25 billion from China Development Bank, secured by oil supplies.

--With assistance from Stephen Bierman in Moscow. Editors: Alex Nicholson, Linda Shen

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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