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BP's $8bln Russian Pay Back

Description:Oil giant BP says it will buy back 8 billion dollars of shares in a boost to investors. The British company is acting on a promise to reward shareholders after it sold its stake in TNK-BP BP completed the sale of its half-owned Russian unit to Rosneft on Thursday. The deal also gives it a near 20 per cent stake in Rosneft and makes the Russian state oil firm the world's largest listed crude producer Bob Dudley is BP's CEO. SOUNBDITE, Bob Dudley, BP CEO (English), saying: (1:45)

Source: Reuters

Tags: reuters , Bob Dudley , Kevin Allison , rosneft