July 30 (Reuters) - BP Plc said on Tuesday itwas relatively well positioned in the U.S. ethanol creditmarket, which is costing some refining companies hundreds ofmillions of dollars to cover renewable fuels requirements.
"We're quite well positioned in the short term ... We're netlong RINs. We've been able to trade into this spike recently anddone quite well out of it," said Iain Conn, chief executive ofrefining and marketing, during on an earnings conference call.
Renewable Identification Numbers (RINs) spiked to almost$1.50 per credit almost two weeks ago, compared with just 5cents in December 2012. Refiners worried there would be ashortage of the credits this year and next as ethanol blendingrequirements rise.
BP (BP.)
