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SPBEX to Trade in Petroleum
St. Petersburg Exchange (SPBEX) will be the trading floor for selling petroleum. Exactly SPBEX has won the respective tender of Economic Development and Trade Ministry.
SPBEX was the choice of majority, said Deputy Economic Development Minister Kirill Androsov. Other bidders were RTS, Interregional Exchange of Oil and Gas Complex and National Commodities Exchange.
The winners, Androsov went on, are ready to inject up to 300 million rubles to develop the sector. SPBEX is yet to agree on the regulations with Economic Development Ministry.
Then Russia’s Prime Minister Mikhail Fradkov inked in early June of 2007 the ruling, whereby, starting from August 1, 2007, the orders for crude oil/petroleum supplies would be placed on a commodities exchange chosen by Economic Development Ministry. From October 1, 2007, the recipients of budget funds were recommended to buy at least 15 percent of crude oil and petroleum on commodities exchange. But the procedure was delayed, as some bidders failed to prepare the documents in time.
www.kommersant.com
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