Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

TNK-BP Considers Record Dividend

TNK-BP Holding, the publicly traded unit of BP’s joint venture with a group of Russian billionaires, said Tuesday that it might pay the company’s highest dividend since 2006 after a recommendation by its board.

The board recommended a nine-month dividend of 8.04 rubles a share, or a total payout of 124.2 billion rubles ($4.15 billion), the oil producer said in an e-mailed statement.

The dividend payment, mainly to the Novy Investments unit owned by BP and the Russian shareholders, will be used primarily to finance TNK-BP’s exploration, production and refining and marketing activities, the statement said. TNK-BP will bid for BP assets in Vietnam, Venezuela and Algeria to expand outside of Russia.

The company has not recommended a dividend this high since 2006, Thomas Kiehn, a TNK-BP spokesman, said in an e-mail.

… 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.

paiment methods
Not ready to support today?
Remind me later.

Read more