MOSCOW Oct 5 Russia's third-largest crude
producer TNK-BP, in which BP has put its 50
percent stake up for sale, said on Friday its board of directors
will discuss a possible dividend pay out in the coming weeks.
In July, AAR - BP's partners in the TNK-BP venture - blocked
a $1 billion dividend from the Russian oil business. Last year,
dividends from TNK-BP accounted for $3.7 billion of its $22.2
billion of cashflow.
"The board will consider the recommendation and the issue of
dividends more broadly over the coming weeks," TNK-BP said in a
statement after a board meeting on Friday.
TNK-BP said the board also discussed the company's strong
current cash position and asked management to review the group's
cash flow projections.
BP has reaped $19 billion in dividends from Russia's
third-largest oil producer since it was created in 2003 from the
merger of its Russian operations with those of the AAR
consortium of four Soviet-born billionaires - more than double
its original investment. But the relationship between the
partners, shaky for years, has deteriorated badly since early