Gazprom board recommends sharp dividend cut

MOSCOW Mon May 18, 2009 2:41am EDT

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MOSCOW May 18 (Reuters) - The state-controlled board of Russian gas export monopoly Gazprom (GAZP.MM) recommended on Monday a drastic cut in the firm's dividend for 2008 following instructions from the government, Gazprom said in a statement.

The board proposed the firm's annual general meeting to cut the dividend payment to 0.37 roubles per share.

Sources told Reuters in April the firm's management was proposing a dividend of 1.28 roubles per share, down from 2.66 roubles paid in 2007. (Reporting by Dmitry Zhdannikov; editing by Toni Vorobyova)

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