ANATOLY GOLOMOLZIN: WITHIN TWO YEARS WE WILL REACH THE PARAMETERS ENABLING US TO EXPECT INDICATORS TO BE GLOBAL

Deputy Head of FAS took part in the Round Table on “Developing international oil market”. He discussed pressing issues of the pricing mechanism and price benchmarking

The Round Table was part of the International Forum “Russian Energy Week”. Its participants discussed the crude oil market and changes caused by developing digital platforms and block chain technologies as well as price setting, a transition of pricing through exchange contracts and the leading benchmarks.

“FAS is among the initiators of modern pricing tools, particularly on the international markets. At the end of last year, the President of Russia gave an Order approving the basic directions for developing the state competition policy, where transparent pricing was called a priority. It concerns, in particular,   development of exchange trading with export contracts and developing Russian oil benchmark.  Obviously, establishing export oil benchmark cannot be successful without a transparent pricing system – not only at the external, but also at the internal market”, pointed out Anatoly Golomolzin.

He informed about efforts of the antimonopoly authority in collaboration with the Bank of Russia and other bodies and organizations on dominating global indices.

“Under the Road Map approved by the Government and the Exchange Committee, in 2018-2019 trading with donations will be launched in a regular basis, and there are grounds to expect that it will be a Benchmark on world trade. I.e., within two years we will reach the parameters enabling toe expect that the benchmark for URALS oil will become a recognized world price indicator”, said Deputy Head of FAS.