OREANDA-NEWS. May 20, 2008. TMK, one of the world’s largest oil and gas pipe producers, today announces recommended dividends amount.

The OAO “TMK” Board of Directors has recommended that shareholders approve a 2007 dividend of RUB 1.03 per share (approximately USD* 0.17 per GDR). The total amount of dividend to be approved at the Annual General Meeting of Shareholders (AGM) is RUB 899,191,030 (approximately USD* 37.7 mln.).

In December 2007, TMK’s shareholders approved interim dividends, for the first 9 months of 2007, of RUB 3.63 per share (approximately USD 0.58 per GDR), for a total RUB 3,168,993,630 (approximately USD 128 mln. at the exchange rate of the announcement date). This amount corresponds to TMK’s policy to pay dividends amounting to at least 25% of its annual IFRS consolidated net profits.

The list of shareholders eligible to participate in the Annual General Meeting of Shareholders and entitled to dividends for 2007 was drawn up on May 15, 2008. The AGM will be held on June 27, 2008 in Moscow.

The OAO “TMK” Board of Directors nominated members of the Board of Directors and members of the Internal Audit Commission. It also approved the following AGM agenda:

-         approval of the annual report and financial statements for the year 2007,
-         distribution of the Company’s profit for the year 2007,
-         election of members of the Board of Directors,
-         election of members of the Internal Audit Commission,
-         approval of the Company’s auditor.
 
*As of May 15, 2008, the Russian Central Bank exchange rate stood at 23.8521 RUB/USD.