It is reported that the shareholders of OJSC TNK-BP Holding approved the dividend payout for the first half year 2011 in the amount of RUB 52.7 billion at the rate of RUB 3.41 per common and preferred share.

The dividends will be paid to the shareholders on the list of shareholders as of August 19 2011 with money funds. The payout deadline is 60 days after the decision was made.

The major shareholder of OJSC TNK-BP Holding is the company Novy Investments Ltd which is part of TNK-BP Group. The dividend pay out in favour of Novy Investments Ltd is technical and will not result in dividends for the shareholders of the parent company namely, BP and AAR.

It is expected that the dividends paid to the company Novy Investments Ltd will be used to finance TNK-BP's capital investments in Russia and for settlement payments between the companies of the TNK-BP Group.

(Sourced from AK&M)