Based on the shareholders remuneration policy announced to the market at the 2021 Strategy Day, this July we set a 2021 Brent Reference price of 65 $/bbl. In order to define our price deck we took into account the actual price to date, the expected trend, market fundamentals and the prospects of the oil market.
Such Brent refence price triggers a 2021 dividend of 0.86 €/share, more than doubling the size of our 2020 dividend and recovering the pre-COVID level. In line with our policy, half of the dividend will be paid in September and the remaining in May 2022.
Moreover, we will start in Q3 a buy-back of 400 Million € that we are executing over 6 months.