TNK-BP Announces Petroleum Products Auction at St. Petersburg Exchange

On 25 May, the company will put on auction 16,380 tonnes of diesel and 3,060 tonnes of 92-octane gasoline. In addition, TNK-BP will continue to take part in daily exchange trading on a permanent basis.
The diesel to be sold in the auction was produced by the Nizhnevartovsk Oil Refining Association and by Slavneft-Yaroslavnefteorgsintez, while the 92-octane gasoline provides from the Ryazan Oil Refinery Company.
TNK-BP sold 330,000 tonnes of petroleum products through exchange trading and auctions during the first four months of 2010.
“TNK-BP is committed to developing its petroleum products sales via the Saint-Petersburg International Mercantile Exchange and is working to increase their volumes. We will also continue to try and develop new instruments at the exchange, such as forward contracts with delivery within several months. These will allow the company to better plan its product sales over the long term and gives consumers flexibility in managing their future costs”, stated Jonathan Kollek, Vice President for Sales, Trading and Logistics, TNK-BP.