Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

TNK to Pay 40% Of Profit in 2009

TNK-BP, the oil producer half-owned by BP, will pay out about 40 percent of profit to shareholders this year, billionaire Viktor Vekselberg said in comments published on the company's web site.

"There will be no surprises" and no reason to change dividend policy when management meets in June, said Vekselberg, one of the Russian billionaires who control the other 50 percent of TNK-BP.

TNK-BP has generated more than $25 billion of net income and distributed more than $20 billion in dividends since it was set up in 2003, BP chief executive Tony Hayward said March 3. The company supplies about one-quarter of the London- based oil producer's output.

TNK-BP Holding, the venture's traded unit, has paid out nearly all of its profit under Russian accounting standards in dividends since it was created in 2005.