BP to return $8 billion to shareholders from TNK-BP sale

LONDON, March 22 Fri Mar 22, 2013 3:10am EDT

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LONDON, March 22 (Reuters) - British oil company BP said on Friday it would launch an $8 billion share buy-back programme to return cash to shareholders after closing the sale of its stake in its Russian unit.

BP, which completed the sale of its partially-owned Russian oil firm TNK-BP to Rosneft on Thursday, said the $8 billion return to shareholders was an amount equivalent to the value of the company's original investment in TNK-BP.

BP received $12 billion from the sale and had flagged that it would distribute some of that to shareholders.

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