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BP to return $8 billion to shareholders from TNK-BP sale

LONDON (Reuters) - British oil company BP <BP.L> announced on Friday an $8 billion (5.2 billion pounds) share buy-back programme, acting swiftly to reward investors after it sold its stake in its Russian unit, TNK-BP <TNBP.MM>. BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft <ROSN.MM> on Thursday, said the $8 billion return to shareholders was an amount equivalent to the value of the company's original investment in TNK-BP in 2003.

Rosneft chief financier quits after TNK-BP deal - reports

MOSCOW (Reuters) - Dmitry Avdeyev, who has been managing finances at Russia's biggest oil producer Rosneft <ROSN.MM> since June 2012, has left the company after it completed the $55 billion (36.2 billion pounds) acquisition of TNK-BP <TNBP.MM>, local press reported on Friday. Kommersant business daily, citing unidentified sources, tipped Svyatoslav Slavinsky, a senior banking services executive with Citigroup <C.N> in Russia, as Rosneft's new vice president for finances.

CORRECTED: Russian Rosneft completes $56 bn TNK-BP takeover

Russian state oil giant Rosneft announced Thursday the creation of the world's top listed oil firm as it sealed a $56-billion acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP . The deal creates a Russian government-run supergiant with fields and refineries stretching from Eastern Europe through Siberia to the Pacific Coast. It also closely links BP's future with a country that is the world's top oil producer but is also criticised for the inefficiency of its state-owned energy firms.

Russian Rosneft completes $56 bn TNK-BP takeover

Russian state oil giant Rosneft announced Wednesday the creation of the world's top listed oil firm as it sealed a $56-billion acquisition of the British and local stakes in the lucrative but strife-torn joint venture TNK-BP . The deal creates a Russian government-run supergiant with fields and refineries stretching from Eastern Europe through Siberia to the Pacific Coast. It also closely links BP's future with a country that is the world's top oil producer but is also criticised for the inefficiency of its state-owned energy firms.

Rosneft pays out in historic TNK-BP deal completion

By Vladimir Soldatkin and Andrew Callus MOSCOW/LONDON (Reuters) - Russian state oil company Rosneft <ROSN.MM> closed its deal to buy TNK-BP <TNBP.MM> from UK-based BP <BP.L> and four tycoons on Thursday, releasing $40 billion (26.34 billion pounds) cash to the sellers and becoming a bigger oil producer than Exxon Mobil <XOM.N>.

Transocean should have done more before 2010 Gulf spill - CEO

By Kathy Finn NEW ORLEANS (Reuters) - The chief executive of Transocean Ltd <RIG.N>, owner of the rig destroyed after BP Plc's <BP.L> Macondo well blew out in 2010, told a federal judge on Tuesday that his workers made mistakes that day, but were not responsible for overall safety on the rig.

BP cries foul at "fictitious" spill claims

By Andrew Callus (Reuters) - BP launched its promised appeal against "fictitious" and "absurd" oil spill compensation payouts on Friday and asked a judge to temporarily halt to those made on a so-called business economic loss basis. In a New Orleans court filing, BP gave examples of businesses in industries far from the spill and unconnected with the coastline that enjoyed strengthened earnings in the spill year of 2010 and yet had received millions in spill compensation.

Exclusive - BP's mighty trading unit under scrutiny as earnings drop

By Dmitry Zhdannikov LONDON (Reuters) - BP's oil trading division, the alma mater for a generation of the world's top traders and a former cash-generating machine, is under greater scrutiny after becoming a weak link for the oil major. The company says the unit, which once generated a tenth of profits, was responsible for its failure to fully deliver on a pledge to improve performance at its refining division.

FTSE snaps three-day rally after miner weakness

By Alistair Smout LONDON (Reuters) - The FTSE 100 fell on Friday after a three-day rally, as investors backed away from riskier sectors and U.S. GDP figures came in below expectations. Material and energy stocks, which are sensitive to optimism over the global economic outlook, took 26 points off the FTSE 100, dragging the index into negative territory.

UPDATE 2-Hunting cautious on shrinking gas extraction market

* Pretax profit jumps 55 percent in 2012 * Hunting sees slow start to 2013, improving in H2 * Expects more competition stemming from weak gas price * Plans final 2012 dividend of 14.0 pence By Alice Baghdjian LONDON, March 7 (Reuters) - British oil services firm Hunting reported a jump in 2012 profits but gave a cautious outlook for 2013, saying low prices were discouraging drilling for gas in the United States, shrinking the market for extraction services.
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