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BP announces $8 billion share buyback

By Danica Kirka
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LONDON (AP) — Oil company BP said Friday it will buy back $8 billion of shares using money it earned by selling its stake in Russian producer TNK-BP.

The announcement came after BP completed the sale of its 50 percent interest in TNK-BP to Moscow-based Rosneft, in a deal that gave it $12.5 billion pounds in cash and a stake in the state-owned oil company. The deal allowed Rosneft, the Russian oil giant, to tighten its grip on the country’s lucrative oil industry.

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