Dividend payments of state companies should be determined on a case-by-case basis, taking into account investment needs of each company, deputy PM Shuvalov confirmed on Thursday. This confirms earlier reports that Shuvalov is against the 50% rule proposed by the FinMin. Sources said earlier that Shuvalov wants a minimum payout ratio of 25% and additional dividends to be decided individually. The EconMin also supports a similar position. Budget 2017 relies on the payment of 50% of profit and expects RUB 700bn dividend income in 2017. The FinMin estimated that scrapping this rule would cost the budget around RUB 150-200bn. Note that the rule does not apply to Rosneft, which plans to distribute 35% dividend as it is not considered a state company formally.