Gazprom Neft PJSC, the oil unit of Russia’s biggest natural-gas exporter, is set to boost dividends over the next few years. The payout may rise to 15 rubles (25 cents) a share in 2019 from about 10.68 rubles this year as upgraded refineries yield more valuable products and output growth outstrips other top Russian producers, Chief Financial Officer Alexey Yankevich said. Capacity exists to push payouts above the company’s policy of 25 percent of profit, he said in an interview, according to Bloomberg.

“An increase is likely, the question is, at what rate it will happen?” Yankevich said. “This decision depends on shareholders.”

Russian oil producers have increased returns to investors even as the collapse in crude prices has reduced profits. Rosneft PJSC, the biggest producer, will next month consider the Kremlin’s order that state-led companies pay out half of net income. Lukoil PJSC, which already provides a better yield to shareholders, this year proposed increasing dividends by at least the rate of inflation.

First-half net income rose 23 percent to 111 billion rubles from a year earlier, Gazprom Neft said in an emailed statement on Thursday. Oil and gas production climbed 5.3 percent to 44 million metric tons in the period, while sales increased almost 23 percent to 944 billion rubles.