Based on the shareholder remuneration policy approved on February 18, 2021, we set a 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.
We will distribute a 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.