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Feb 3 (Reuters) - U.S. regulators are considering naming BPPLC and its entities in an enforcement action allegingthe British oil major violated anti-fraud and reporting ruleswhile using Canadian oil pipelines, BP said in its quarterlyresults statement on Tuesday.
Federal Energy Regulatory Commission (FERC) and CommodityFutures Trading Commission (CFTC) had notified BP of the actionin November last year, and are currently "investigating certainpractices relating to crude oil pipeline nominations procedureson Canadian pipelines," the company said.
"We have responded to CFTC's allegations and challengedtheir jurisdiction over the alleged conduct," BP said inresponse to a query from Reuters.
Friction between U.S. commodity regulators and BP is not outof the ordinary. In 2007, BP paid $303 million to settle civilcharges that it tried to manipulate propane prices in the UnitedStates by cornering the market in February 2004. (http://reut.rs/1LJqZHV)
The company is also fighting a case with the FERC overallegations of natural gas market manipulation in Texas. (http://reut.rs/1yDnv0u)
(Reporting by Ankush Sharma in Bengaluru; Editing by DianeCraft)
