BP investors set for £10bn windfall

BP’s beleaguered shareholders are in line for a £10bn windfall if the oil giant exits its Russian joint venture TNK-BP.
By The Newsroom
Published 4th Jun 2012, 07:00 BST

The 50 per cent stake is up for sale after the blue-chip company said it received unsolicited approaches for the holding, which has been valued by City analysts at between £16bn and £23bn.

It is understood that half the money will be set aside for new assets with the rest given back to investors.

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A share buy-back or special dividend would be some reward for the patience of investors, who saw dividends suspended after the Gulf of Mexico disaster and later reinstated at half the pre-spill value.

Shares were trading at 402p on Friday, still more than a third below the level seen prior to the disaster in 2010.

BP’s existing partner in the joint venture, the Alfa-Access-Renova group of Russian oligarchs, is thought to have made one of the approaches for the TNK-BP stake but the Kremlin could also be a surprise bidder.

TNK-BP is the third biggest oil producer in Russia.