VOL. XXXII

NO. 14

9-JANUARY-1989

KUWAIT REGISTERS $700MN PROFIT ON BP SHARE BUYBACK DEAL

Without doubt the most striking thing about the agreement announced on 3January, under which British Petroleum (BP) will buy back 11.7% of its ownissued shares from the Kuwait Investment Office is the staggering size of thenet profit Kuwait stands to gain from the deal - namely over $700mn which,according to a Kuwaiti official statement (see page A3), works out at anannualized rate of return of more than 30%...