FAS approved the schedule of launching exchange trading in oil products via the Goods Supply Operator of “Transneft” PJSC

On 28 September 2016, the Federal Antimonopoly Service (FAS Russia) approved a schedule for launching exchange trading in oil products via the Goods Supply Operator of “Transneft” PJSC.

The main objectives of the schedule are to develop small wholesale exchange trading and obtain the status of the Goods Supply Operator for “Transneft” PJSC to execute transactions under the “delivery versus payment” principle.

It was planned under the frame of the Memorandum of Understanding, signed by FAS, “SPIMEX” JSC and “Transneft” PJSC on 21 September 2016.

“The significance of the Memorandum is determined by the need to create new institutional preconditions for economic growth. It concerns both the oil product market and the economy in general. Under those conditions organizing technological infrastructure is added the status of commercial infrastructure of the oil product market”, emphasized Deputy Head of FAS, Anatoly Golomolzin.

The Head of FAS Department for Regulating the Fuel-and Energy Complex, Dmitry Makhonin, also pointed out: “FAS expects to launch the project in 2017. It will enable to a considerable extent develop exchange trading in the small wholesale sector in the Russian Federation”.

Earlier a similar project was fulfilled on the basis of Petersburg Fuel Company (PFC).

Reference:

Goods Supply Operator – that exercises, controls and registers goods deliveries under the obligations approved for clearing, and certified at the Central Bank of the Russian Federation to exercise the above functions.