Gazprom will create an exchange in conjunction with Gazprombank and the Interregional Gas and Oil Complex Exchange.
Photo: Alexander Miridonov
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Gas Exchange Will Be Set Up in St. Petersburg
Gazprom, in conjunction with Gazprombank and the Interregional Gas and Oil Complex Exchange, plans to establish Europe's largest natural gas exchange in St. Petersburg. The Interregional Gas and Oil Complex Exchange has been trading gas for several years, but its volume has been insignificant. The new exchange will be based at the St. Petersburg Stock Exchange noncommercial partnership. A source has revealed that Marina Medvedeva will be in charge of the new exchange. She is now deputy general director of MICEX. Next week, she will become an advisor to Gazprom supervisory board chairman Andrey Akimov.
The St. Petersburg Stock Exchange noncommercial partnership has functioned alongside ZAO St. Petersburg Stock Exchange commodities exchange since 1990. Last June, the noncommercial partnership's founders Gazprombank and RTS made plans to transform the organization into a joint stock society. Gazprombank and RTS own 20-percent shares in the noncommercial partnership, as does ZAO St. Petersburg Stock Exchange. Sources say the establishment of the gas exchange is a long-term project that is in its initial stages.
The Interregional Gas and Oil Complex Exchange has operated in Moscow since 2002. It trades in natural gas and petroleum products. ZAO St. Petersburg Stock Exchange won a Ministry of Economic Development and Trade tender to establish a petroleum products exchange last November. The launch of that project will raise St. Petersburg's position on the market after the ZAO lost its monopoly on trading in Gazprom stock and half of its profits with the 2005 liberalization of that market. At the beginning of this month, fuel trading on two cisterns totaled 2.4 million rubles with no major traders registered there. Trading in natural gas in Russia totaled 10 billion cu. m. last year, on 548.5 billion cu. m. of production.
www.kommersant.com
All the Article in Russian as of Mar. 17, 2008
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