BP to return $8bn to shareholders

London - British energy giant BP on Friday said it would return up to $8bn to company shareholders by repurchasing shares, a day after completing the sale of its stake in a Russian joint-venture.

"BP announced today that it intends to carry out a share repurchase, or buy-back, programme with a total value of up to $8bn," the group said in a statement.

It added: "Today's decision to buy back shares follows the completion yesterday of the sale of BP's 50% interest in TNK-BP to Rosneft.

"The programme is expected to return to BP shareholders an amount equivalent to the value of the company's original investment in TNK-BP."

Russian state oil giant Rosneft on Thursday announced the creation of the world's top listed oil firm as it sealed a $56bn acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP .