Kazakh oil and gas producer KazMunaiGas Exploration Production (RDGZ.KZ), a unit of Kazmunaigas, said Friday its board of directors has recommended a dividend for 2007 of 563 tenge per share, approximately $0.78 per global depository receipt.
The dividend payment is subject to the annual meeting of shareholders that will be held May 28 this year, the company said in a statement.
KazMunaiGas Exploration Production, or KMG EP, said the board dividend recommendation was based on the KMG EP's stated policy of paying out 15% of net income, "but also includes an additional Special Dividend amount."
The total amount of the dividend will be KZT41.7 billion, about $346 million, KMG EP said.
KMG EP produced 10.6 million tons, or 216,900 barrels a day, of oil in 2007. Its 2007 net income rose 28% to 157 billion tenge.