Back to Homepage

BP says to return $8.0 bn to shareholders

by AFP
March 22, 2013 , 2 : 09 pm

Illustrative purpose only

London: British energy giant BP on Friday said it would return up to $8.0 billion (6.2 billion euros) 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 $8 billion," 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 $56-billion acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP .

Rate this Article


Rates : 0, Average : 0

Oman Air orders for three Airbus planes

Oman Cement admits probe on cement quality

Shell Diesel Extra to help fleet owners save fuel

Oman delegation to attend major economic forum

Oman Electricity floats tender for 400Kv power grid station in Izki

Sections

More

BP says to return $8.0 bn to shareholders

Post a Comment

TOP RATED ARTICLES

Snapshots

Times Videos