MADRID, Feb 22 Reuters Spanish oil company Repsol will hand shareholders up to 10 billion euros 11 billion via dividends and buybacks through 2027 as it pushes forward with its pivot to renewable energy and biofuels, it said on Thursday, driving its shares up.

The Spanish firm joins other big oil companies offering record returns to shareholders despite a steep decline in profit from alltime highs in 2022, when oil and gas prices soared following Russia39;s invasion of Ukraine.

Repsol, whose market value was 16.7 billion euros at Wednesday39;s close, pledged to buy back up to 5.4 billion euros in shares through 2027. In addition, shareholders will get 4.6 billion euros in cash dividends.

The company raised the dividend paid from 2023 results by almost 30 to 0.90 euros a share.

Its shares rose 5.1 to 14.38 euros at 08.19 GMT.

The Spanish company has been diversifying into renewables from its traditional oil and gas core business. While adding renewable and biofuel capacity, it still sees an important role in the energy mix for fossil fuels.

We are convinced that this approach, in which decarbonisation is an attractive opportunity to create value, grow and be profitable, is the most appropriate one for us, Chief Executive Josu Jon Imaz said.

Repsol plans net investment of between 16 billion and 19 billion euros by the plan39;s end, depending on market conditions. More than 35 will go to low carbon projects, such as biofuels and renewables, with a big focus on the…