Igor Artemiev: cooperation between FAS, “Transneft” and the Exchange will facilitate establishing mature market relations in Russia

On 21 September 2016, the Federal Antimonopoly Service (FAS Russia), “Transneft” PJSC and St Petersburg International Mercantile Exchange (SPIMEX) signed a Memorandum of Cooperation at a session of the Exchange Committee on the trends in the oil and oil products markets in the Russian Federation.

The Head of FAS Igor Artemiev, the President of “Transneft” PJSC Nikolai Tokarev and SPIMEX President Alexei Rybnikov took part in the signing ceremony.

“All three participants of the Agreement have done a lot of work. It includes, in particular, such enormous systemic issues as implementing the “Russian Oil Benchmark” project, developing exchange and off-exchange trading with oil and oil products, and a lot more. All this is part of the economic policy of the Russian state, where participants of the today’s Agreement play a colossal role. One can say with confidence that the Agreement will facilitate establishing mature market relations in Russia”, emphasized Igor Artemiev.

In his introductory remarks Nikolai Tokarev also pointed out: “Today we launch a new stage of cooperation and interaction between FAS, SPIMEX and “Transneft”.  We are mastering a completely new type of activity for us: the directions that are now used by the company should be diversified; new infrastructure areas should be formed. Already such efforts are being undertaken. It suffices to say that after FAS joined our work, the number of contracts and exchange transactions doubled in comparison with 2015. The main objective of the Agreement is to strengthen and reinforce trilateral cooperation, raise the quality of our cooperation at a higher level. We now have several projects and instructions in the part of goods supply operators, forming a benchmark for domestic oil that we are going to solve under the framework of the Agreement. Within a rather short period we have been able to undertake such constructive efforts and create the prospects for the future”.

“Today the work done under the frame of the Exchange Committee, created upon a FAS initiative, gets a new impulse”, said Alexei Rybnikov. “Launching deliverable futures for Russian export oil, cooperation  in the field of organizing purchasing activities, the plans for further advancement of exchange trading  – all these and other our joint projects are aimed at ensuring solid foundation for developing Russian economy and enhancing efficiency of operations of domestic companies”.