OREANDA-NEWS. April 17, 2014. “St Petersburg International Mercantile Exchange” CJSC (“SPIMEX” OJSC) organized a working meeting with vertically integrated oil companies that have dominant position on the market.

The meeting was chaired by the Head of the Department of the Federal Antimonopoly Service (FAS Russia) for Control over Fuel-and-Energy Complex, Dmitry Makhonin. Experts discussed compliance with the criteria of regularity and uniformity of selling goods through exchange for particular markets, where oil and (or) oil products circulate. The criteria were approved by No. 1035 Decree of the Government of the Russian Federation of 11th October 2012.

In particular, oil companies were explained the need to submit information to the exchange about distributing the volumes of oil products planned for sale through exchange trading, such as, the grade and product seasonality (if any). Until now the forms presented by oil companies have not contained such information.

In May 2014, a new form of presenting information about the planned volume of sales of oil products of oil products through exchange trading comes into force. Information will be presented with the following breakdown of gasoline: Normal-80, Regular-92, Premium-95, Benzin-98, as well as the following breakdown of diesel fuel: Summer, Winter, Interseasonal, and Arctic diesel fuel.

“These changes will simplify planning procurement strategies by the buyers, which in general will increase pricing transparency of the entire exchange segment of the oil products market”, emphasized Dmitry Makhonin.