In October-December 2010 TNK-BP sold 548k tons of petroleum products through exchange, which is 24% higher versus Q3 level.
Fuel trading via exchange in October-December 2010 amounted to 20.7% of domestic market sales, which is above TNK-BP business plan that envisaged at least 20% trading volumes by late 2010.
“Total TNK-BP sales through exchange in 2010 amounted to 1.460 mln tons of fuel”, said Jonathan Kollek, Vice President, STL, TNK-BP. “We support further development of exchange trading mechanisms which represent a transparent tool for setting fair market prices”.
Currently TNK-BP sells via Russian exchanges petroleum products from all its refineries, including Lisichansk (LINIK, Ukraine). The company delivers only light products, preferably to European regions of Russia.
Information for editors:
TNK-BP started petroleum product exchange trading in 2009. The key trading floors include the Saint-Petersburg International Commodity Exchange and Interregional Oil and Gas Exchange.
TNK-BP is the third major oil company in Russia. BP and AAR consortium (Alfa Group/Access Industries/Renova) are the company shareholders on a parity basis. TNK-BP also owns about 50 percent of the Slavneft oil and gas company. TNK-BP accounts for about 16 percent of oil production in Russia (including TNK-BP stake in Slavneft). Total proven reserves (according to SEC estimates), without taking into account license validity terms, totaled 8.586 bln boe as of December 31, 2009.
References to ‘TNK-BP’ or ‘Group’ shall mean ‘TNK-BP International and consolidated subsidiaries’ unless the context requires any other interpretation.
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