Transneft, Russia's oil transportation monopoly, has announced plans to sell excess volumes of oil at the St Petersburg Commodity Exchange (SPIMEX) and spend the revenue on charity.

      The amount of excess oil remaining in the company's pipes after delivering the contracted volumes averages one million tons, which could generate as much as RUR14 billion, or $500 million.

      The move to sell the excess oil at SPIMEX is intended to boost transparency, said Transneft's press secretary Igor Dyomin.