TNK-BP Pays Dividend

May 23, 2012

TNK-BP, Russia's third-largest oil company, plans to hike its 2011 dividend by a larger-than-expected 12 percent to $6.6 billion.

The board of TNK-BP Holding, the traded entity of TNK-BP, recommended Tuesday paying a dividend of 9.96 rubles (32 cents) per ordinary and per privileged share. That is on top of a first-half dividend of 3.41 rubles per share.

TNK-BP Holding is 95 percent owned by Cyprus-registered Novy Investments, which is in turn controlled by TNK BP Ltd., a 50-50 joint venture between oil giant BP and Russia-linked consortium AAR.

"TNK-BP once again supported its status as the best dividend payer among Russian oils," VTB Capital analysts said. "This is strongly positive for the company and the sector overall."

Last month a senior Russian official questioned the company's dividend policy, saying it was underinvesting in its pipeline infrastructure, which resulted in oil spills in Siberia.

(Reuters)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue