June 8, the Annual General Meeting of the Russian Innovation, Fuel and Energy Company (RITEK) decided to pay the 2005 dividends at RUR 0.7 per ordinary and preferred shares, as AK&M learnt at the AGM.

The Company's authorized capital totals RUR 70000000. It issued 99750000 ordinary shares and 250000 preferred shares of RUR 0.7 par. The dividend payments may so total RUR 70 million.

The dividends are planned to be paid from September 12 to December 31, 2006.

At the AGM held on June 16, 2005, RITEK's shareholders voted against the payment of RUR 128 million as the 2004 dividends at the rate of RUR 1.28 per ordinary and preferred shares. 11% of the shareholders present at the AGM gave affirmative votes, 88% voted against. "The major shareholder (LUKOIL) took into account the Company's high payables," as the Company's General Director explained the situation.

In 2003 RITEK paid RUR 128 million at RUR 1.28 per ordinary and preferred shares.

RITEK develops oil fields in the West Siberia. In 2005 the Company produced 2.59 million tons of oil. In 2004 its net income under US GAAP grew 24 times to $62.8 million, its proceeds - 1.9 times to $698.1 million. Its net income under RAS amounted to RUR 3.02 bn. As to June 2005, LUKOIL's total share in RITEK's authorized capital was 64%, the share of stockholders-physical persons - 5.9%.

"AK&M", 08/06/2006 13:29