Page 103 - bne IntelliNews Russia Country report May 2017

RUB1.57bn. VTB Capital commented on May 30 that given the current market trends, the bank is comfortable with $215 per tonne price forecast for Baltic shipped urea fertiliser in 2017. "With lower capex requirements, moderate leverage at the bottom of the cycle allows Acron to distribute $100mn dividends each half-year," VTB believes. The bank attributes the lower dividend for the second half of 2016 ($68mn) as related to uncertainty over the possible (non-mandatory) buyout of the 20% stake of state lender Vnesheconombank (VEB) in the potash project for $180mn and the macro environment.
103 RUSSIA Country Report May 2017 www.intellinews.com