BP to return US$8 billion to shareholders


AFP

LONDON — British energy giant BP on Friday said it would return up to US$8 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, program with a total value of up to US$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 program is expected to return to BP shareholders an amount equivalent to the value of the company’s original investment in TNK-BP.”