Reuters logo
TNK-BP aims to discuss dividends "over coming weeks"
October 5, 2012 / 3:05 PM / 5 years ago

TNK-BP aims to discuss dividends "over coming weeks"

MOSCOW, Oct 5 (Reuters) - 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 2011.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below