Saint-Petersburg international Mercantile exchange (SPIMEX) is preparing to launch a futures contract for Russian export blend Urals and invites you to work on creating futures international trading companies, according to Bloomberg. As told the Agency the SPIMEX President Alexei Rybnikov, the exchange is negotiating with many market participants. To call a specific foreign company, he refused.
Own pricing is designed to solve two problems at once — to increase the income from the sale of the Urals and to get away from the settlement for the sale of oil in US dollars. Currently, more than low-grade Urals sold at a discount to the international benchmark North sea Brent, quotes, which according to the Agency Platts. Launching its own futures market will allow Russia to improve the pricing mechanism of Urals and Russian companies, generate additional revenues, the Agency said SPIMEX President Alexey Rybnikov.
According to a top Manager of the largest Russian oil companies, including Rosneft, LUKOIL and Gazprom Neft, support the launch of new futures.
Before the opening of trading should provide a number of conditions, including open access for companies registered outside of Russia, to trade in Russian commodities, and derivatives. For this, the Bank of Russia prepares the special amendments to the legislation.
The initial volume of the futures contract will be 1 million barrels, the minimum scope of delivery (FOB Primorsk/Ust-Luga) — 720 thousand barrels. In the first phase, the futures will be traded in U.S. dollars. It is necessary for the successful launch of the contract and attraction to the site of maximum liquidity. If the futures contract is nominated in rubles, foreign participants may encounter such problems as currency risks, exchange rate volatility, and the need to buy ruble liquidity indicated in the prospectus of the project SPIMEX.
March for shipment of Baltic oil terminals planned 1.5 million barrels. of oil per day.
In 2014, the energy Ministry has set up a working group with the participation of representatives of oil companies and relevant agencies, where we conditions for the creation of standard grade oil. As mentioned earlier, to start trading Russian oil export grade SPIMEX planned before the end of 2016.