Anatoly Golomolzin: developing cooperation between Russia and China will help form new exchange indicators

30-10-2017 | 15:26

Deputy Head of FAS Anatoly Golomolzin said this on 26 October 2017 at a Conference on the prospects of developing Russia-China cooperation under the “One belt – on way” initiative.

He talked about developing exchange trading in Russia on the example of the petrochemicals market: developing trading with export contracts for URALS oil.

“This is a large-scale project that we lead jointly with the Central Bank, the Federal Tax Service and other interested bodies. There is a work plan and we making sure step-by-step so that Russian export contract and price indicator for this contract will replace or became at par with the leading world oil crudes. It will enhance significantly oil export efficiency for Russian companies; enable them to create modern risk management tools under the changing conditions on the global markets, increase export earning capacity. For Russia it is also a possibility to improve the situation on financial markets since it concerns developing financial derivatives market based on the price index for actuals”, stated Anatoly Golomolzin.

He reported on the results of visiting China on 5 - 9 June 2017. The Russian delegation had meetings with top officials of the National Development and Reform Commission (NDRC), the People’s Bank of China (PBC), Shanghai Futures Exchange (SFE), Shanghai International Energy Exchange (INE) and Shanghai Petroleum and Natural Gas Exchange (SHPGX).

Deputy Head of FAS and the events participants discussed various directions of cooperation and possibility to reach agreements between SPIMEX and Shanghai Exchanges. “It will enable us conduct joint work on shaping new price indices of the main market players: Russia as an exporter and China as the largest oil importer”, pointed out”, pointed out Deputy Head of FAS.

“We want to be not just the countries involved in raw materials turnover but also the countries that set the rules of the game and indices of fair prices for those goods”, emphasized Anatoly Golomolzin.