22 March 2013 09:26 [Source: ICIS news]
SINGAPORE (ICIS)--UK-based oil major BP said on Friday it will buy back $8bn (€6bn) worth of shares from investors after completing the sale of a 50% interest in Russian oil firm TNK-BP.
“The programme is expected to return to BP shareholders an amount equivalent to the value of the company’s original investment in TNK-BP,” it said in a statement.
BP on 21 March completed the sale of its 50% interest in TNK-BP to Russian state-owned oil producer Rosneft.
BP invested around $8bn in cash, shares and assets in the formation of TNK-BP in 2003.
“Over the following decade BP received a total of $19bn in dividends from the joint venture,” BP said.
BP added in the statement that it intends to retain the additional cash consideration of $4.48bn received from the sale of its interest in TNK-BP to reduce its debt.
($1 = €0.77)
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