BP,which com pleted the sale of the half-ownedT N K -BP toR ussianstateoil firm R osneft onThursday,saidthe m ove,designedto increase thevalue of rem aining shares,w as an am ount equivalentto the value of the com pany"s original investm ent inTN K -BPin 2003.
In 2003,B P investednearly $8billioncash,sharesand assetsin theform ation ofT N K -B P . O verthefollow ing decade,B Preceived $19 billion in dividendsfrom thejoint venture. BP soldits stake inT N K -BP toR osneft,follow edbyareinvestm ent inR osneftshares,for anoverall considerationof $12.48billion cash,along w ith sharesrepresenting18 .5% of R osneft. T herefore,B P currentlyholds a 19.75% shareholdinginR osneft.
The British oilm ajor confirm ed on Friday that itwould return $8bn of the $12.5bn cash proceeds toshareholders in its first buybacksince 2008. It hadpreviously said the pay-out willbe at least $4bn.
Sharesin B P clim bed 1 .8 percentto457 .5 pencein early trading,m aking thecom panyone of the biggest risers inLondon"sbluechipindex,am oveanalysts attributedtothe bigger thanexpectedcashreturn.
B P"schairm an,C arl-H enricSvanberg,said:“T hisbuybackprogram m eshouldallowour shareholders toseebenefits inthenear-term from thevalue w ehaverealised byreshapingour R ussianbusiness.”
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