The board of BP Plc's Russian joint venture, TNK-BP , approved a third-quarter dividend payout of $1.25 billion (798.16 million pounds) at a meeting on Friday, a senior executive present at the meeting said.

The payout brings the total for the year to date to $7.5 billion, a company record, the executive said.

(Reporting by Douglas Busvine, Writing by Melissa Akin, Editing by Gerald E. McCormick)