Oil

BP to Buy Back $8 Billion in Shares

Giving money to shareholders after Russian sale

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Oil giant BP has said it will buy back $8bn (£5.2bn) of shares, returning to shareholders the money they had put into a complicated Russian venture.

It said it "expected to return to BP shareholders an amount equivalent to the value of the company's original investment in TNK-BP".

BP agreed to sell back its 50% stake in TNK-BP to Russia's Rosneft in October in return for $17.1bn in cash and shares.