Arab Today, arab today british energy giant bp returns 8bn to shareholders
Last Updated : GMT 05:25:55
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Firm sells off 50% interest in Russian oil company

British energy giant BP returns $8bn to shareholders

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Arab Today, arab today British energy giant BP returns $8bn to shareholders

BP buys back shares equivalent to its investment in TNK-BP
London - Arabstoday

BP buys back shares equivalent to its investment in TNK-BP British energy giant BP on Friday said it would return up to $8bn to company shareholders by repurchasing shares, a day after completing the sale of its stake in a Russian joint-venture. "BP announced today that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8bn," the group said in a statement.
It added: "Today's decision to buy back shares follows the completion yesterday of the sale of BP's 50 percent interest in TNK-BP to Rosneft.
"The programme is expected to return to BP shareholders an amount equivalent to the value of the company's original investment in TNK-BP."
Russian state oil giant Rosneft on Thursday announced the creation of the world's top listed oil firm as it sealed a $56bn acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP.

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