OREANDA-NEWS. December 01, 2009. TNK-BP held a November series of auctions selling large volumes of oil products at the Saint Petersburg International Commodity Exchange, reported the press-centre of TNK-BP.

The Petroleum Information Agency was told by company representatives that on November 25 and 26 TNK-BP sold a total of 67,500 tons of oil products, including 23,580 tons of diesel fuel, 6,300 tons of Ai—80 gasoline, 30,420 tons of Ai—92 gasoline, and 7,200 tons of Ai—95 gasoline.

TNK-BP pointed out that the number of participants in auctions is increasing. Apart from that, the number of double auctions with small lots of fuel has considerably grown in November. The company hopes that these tendencies will continue in the months to come. Exchange trading is considered by the company as the most open and transparent trading mechanism, which forms market prices of oil products immediately during the auction.

In October 2009, TNK-BP sold 91,740 tons of oil products at commodity exchange auctions, including 63,180 tons of oil products sold in three ascending price auctions. The oil products traded by TNK-BP at commodity exchange auctions (summer and winter diesel fuel, gasoline, and jet fuel) accounted for 12% of all fuel intended by the company for the domestic market.

TNK-BP is selling oil products at the Saint Petersburg International Commodity Exchange and the Interregional Oil and Gas Complex Exchange.

It was reported earlier that the Federal Antimonopoly Service obliged oil companies to sell up to 15% of their oil products in open auctions. The program for development of competition on the market of oil products submitted by the Ministry of Trade and Economic Development for consideration and discussion to departments implied recommended that oil companies should sell 10% of their products at open auctions. Later, the Federal Antimonopoly Service refused to argue with the Ministry of Trade and Economic Development on the share of oil products sold by oil companies on the free market and admitted that is may as well be 10%.