BP's Russian Venture Sells More Fuel Via Exchanges

12th Jul 2010 11:59

MOSCOW (Dow Jones)--BP PLC's (BP) joint venture in Russia said Monday it is selling more fuel via exchanges as antitrust regulators target oil companies accused of abusing their dominant positions. TNK-BP International (TNBP.RS) in June sold 159,000 tons of petroleum products, or 19% of its total domestic sales, through exchange auctions--more than twice as much as in May, when sales were affected by a "sharp drop" in export prices--the company said. So far this year, it has sold 468,000 tons of fuel using the exchange, and the company is aiming to trade 20% or more of its fuel via exchanges in 2010. TNK-BP and Russian rivals OAO Lukoil (LKOH.RS), OAO Gazprom Neft (SIBN.RS) and OAO Rosneft (ROSN.RS) have been fined or involved in litigation relating to accusations they benefited from high prices because of their dominant position in the Russian oil market. -By William Mauldin, Dow Jones Newswires; +7 495 232-9192, [email protected] (END) Dow Jones Newswires July 12, 2010 06:59 ET (10:59 GMT)