BP’s beleaguered shareholders are reportedly in line for a £10billion windfall if the oil giant exits its Russian joint venture TNK-BP.
The 50% stake is up for sale after the operator said it had received unsolicited approaches for the holding, which has been valued by analysts at up to £23billion.
A leading shareholder has reportedly been told that half the money will be set aside to acquire new assets, with the rest going back to investors.
A share buy-back or special dividend would be some reward for the patience of shareholders, who saw dividends suspended after the Gulf of Mexico disaster and later reinstated at half the pre-spill value.
It would also be a welcome boost for pension funds reliant on dividends from the operator.
David Barclay, divisional director for investment manager financial-planning specialist Brewin Dolphin in Aberdeen, said: “BP was always one of the best dividend payers on the index, so it was a big disappointment when they switched off the dividend after the Gulf of Mexico.
“This would really be a boon for the pension investors – BP is still one of the largest weighted holdings on our index, so it is still very important for pension funds.”
Among the parties said to be interested in the stake are Russian state-backed firms Rosneft and Gazprom and China’s two biggest oil companies Sinopec and Cnooc.
BP’s existing partner in the joint venture, the Alfa-Access-Renova (AAR) group of Russian oligarchs, has 135 days in which it has the sole right to buy out BP.
It comes after one of the AAR billionaires, Mikhail Fridman, resigned as chief executive of TNK-BP citing a breakdown in relations with BP.
The UK energy giant formed TNK-BP with AAR in 2003 to expand into Russia, one of the few major producing areas where foreign oil companies could invest.
The joint venture is the third biggest oil producer in Russia behind Rosneft and Lukoil, which is owned by Russian investors.
The business accounted for more than a quarter of BP’s production and 90% of its 2011 dividend.