BP to spend USD5.9b on share buyback 

(MENAFN) BP Plc would pay USD5.9 billion to buyback its shares after it consented to pay USD4.5 billion to resolve criminal penalties over the Deepwater Horizon disaster, reported AP citing a Sunday Times report.

Since the oil giant has agreed on the settlement, it will not face additional US federal criminal charges, however, it will have to pay more to resolve civil actions.

If BP appeared to be guilty of gross negligence under US clean water legislation in a trial starting in February, the British firm might face a penalty of USD21 billion.

In April 2010, a rig explosion in the Gulf of Mexico killed 11 workers and resulted in the US worst-ever offshore oil leak.

It is worth noting that last month, BP agreed to sell its stake in TNK-BP to Russia's Rosneft for USD12.3 billion in cash, which would allow the company to return money to investors.