BP Plc (BP,BP.L,BP_UN.TO) plans to carry out a share buy-back programme with a total value of up to $8 billion, returning 2003 investment in TNK-BP. The British energy giant intends to retain the additional cash consideration of $4.5 billion received from the sale of its interest in TNK-BP to reduce BP Group debt.
In 2003, BP invested nearly $8 billion cash, shares and assets in the formation of TNK-BP. Over the following decade, BP received $19 billion in dividends from the joint venture. BP sold its stake in TNK-BP to Rosneft, followed by a reinvestment in Rosneft shares, for an overall consideration of $12.48 billion cash, along with shares representing 18.5% of Rosneft. Therefore, BP currently holds a 19.75% shareholding in Rosneft.
This buy back decision follows the completion yesterday of the sale of BP's 50% stake in TNK-BP to Rosneft.
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