On 28 May, the Board of directors preliminarily approved the annual report and the income statement of OAO AK Transneft, recommending them for approval by the general shareholders’ meeting.
Based on 2003 results, the Board of directors has given its preliminary approval for the profit distribution – RR 15,845,765,867, from which RR 3,961,682,580 to pay dividends on ordinary and privileged shares; RR 63,169,040 to cover deferred debt liabilities for the year 2002; RR 8,487,580,913 to expand capacity and other similar new property originating activity; RR 3,333,333,333 to repay the investment credit.