British oil giant British Petroleum or BP Has announced that starting Friday, it would be conducting a buy back share program in consonance with its promise to reward shareholders after its sale of its interests in TNK-BP.

The sale of the BP interest in the venture was completed with Rosneft last Thursday. The buyback program would increase the value of the remaining stocks issued in the amount equal to the company's original investment in the joint venture program back in 2003.

This is the first step the company is taking to complete its planned distribution to its shareholders a total of US$12.48 billion gained from the sale. As a result, BP share values increased by 1.8% to 457.5 pence per share. The rise is one of the highest in the blue chip index in London's bourse.

According to BP Chairman Carl-Henric Svanberg, "This buy-back program should allow our shareholders to see benefits in the near-term from the value we have realized by reshaping our Russian business."