Now the export price of the Russian Urals oil determine, counting differential to the Brent oil price. However in the Russian government, as well as in the companies, are not sure of justice of such calculation.
by data "News", the Deputy Prime Minister Arkady Dvorkovich approved the plan of action for start of the auction by export contracts on supply of Urals oil at the Russian exchange. Their realization will allow to make this grade reference, similarly, for example, to Brent grade. It is supposed that will trade in futures for St. Petersburg International Commodity Exchange, the price of them will be determined in dollars, the size of the contract will make 1 thousand barrels, and the minimum standard item – 720 contracts.
Within implementation of this plan by a priority is the change of the legislation directed on the admission of nonresidents on the exchange. Now in the legislation restrictions which do not allow foreign traders to take part in the auction therefore they are compelled to use services of the Russian brokers are set, so, incur more considerable expenses. Mikhail Temnichenko, the vice-president of St. Petersburg International Commodity Exchange, reported to the edition that the relevant bill already directed on the second reading, but accept it until the end of spring session can not to be in time, in that case changes in the law will accept only in the IV quarter.
In addition changes have to make to the normative documents regulating the plan of deliveries and an order of formation of export and position schedules of "Transneft" which will have to give to the Ministry of Energy in two months, instead of in two weeks. These amendments have to make in the III quarter.
the Third important task – to approve qualitative characteristics, the largest domestic oil companies, "Transneft", the MAYOR and the Ministry of Energy will work over it. Have to finish this stage in the II quarter.
A after it, in the III quarter, will be carried out by road show – meetings with potential investors and analysts. According to Temnichenko, the first such action will take place at the end of June in Moscow, within the Argus conference, then intend to act in London and Geneva. If presentations in these cities do not bring expected success, then will visit also Singapore. Representatives of the exchange, the clearing organization, the Central Bank, the Ministry of Finance, the Ministry of Energy, the MAYOR, FTS and FAS, the oil companies will be to carry out road show.
Veka Information service