Anatoly Golomolzin: “URALS crude will be quoted right on other crudes”

10-10-2017 | 11:15

On 5 October 2017 Deputy Head of FAS Anatoly Golomolzin took part in “Russian Energy Week 2017”

The Forum included the Round Table on “Developing exchange trading with Russian oil” that discussed the prospects of advancing exchange trade with URALS crude and establishing new reference price based on the scope of production and oil products quality.

Anatoly Golomolzin emphasized the importance of establishing representative spot goods quotations, including oil, and based on them – derivatives quotations. “The quotations that are now used in trading on the domestic and world markets cause questions form foreign antimonopoly bodies and financial regulators. Russia here applies the best law and the best practice”, said Deputy Head of FAS.

“Three price indicators are formed: exchange quotations, off-exchange quotations and indicators of prices of comparable markets. These indicators are reliable, transparent and reflect the real trading practice. We are moving along the same avenue to form the benchmark on the oil market”, mentioned Anatoly Golomolzin.

The efforts to form the benchmark for Russian export oil (currently - URALS, in the prospect – ESPO) are supported at the highest level and are undertaken following the decision of the Presidential Commission on Fuel-and-Energy Complex. The work is approved by the CIS Council of the Heads of Governments. Also Heads of EAEU states approved the concept of the common market of oil and oil products, and drafting the Programme for shaping the market is at the final stage. It is expected that SPIMEX and Shanghai Petroleum and Natural Gas Exchange will sign a relevant Agreement.

Summing up, Anatoly Golomolzin pointed out: “We are developing this direction and the trends that we have makes us confident that the project will be successful. Soon we will form the actual price indicators on the market and URALS crude will be the generally accepted reference indicator along with other crudes”.

Site Map

News & Events Press Releases Media Releases Image Library About the FAS Russia What We Do Institutional Memory Mission, Goals, Values Priority Setting Stakeholders Engagement Center for Education and Methodics Our History Our Structure Powers of Head and Deputy Heads Our Ratings Global Competition Review Using our website International Cooperation Treaties & Agreements OECD Competition Committee OECD meetings 2013 OECD meetings 2014 OECD meetings 2015 OECD meetings 2016 OECD meetings 2017 OECD meetings 2018 OECD meetings 2019 OECD meetings 2020 OECD meetings 2021 FAS Annual Reports OECD-GVH RCC RCC Newsletter ICAP Council on Advertising Headquarters for Joint Investigations UNCTAD 15th session IGE UNCTAD 16th session IGE UNCTAD 17th session IGE UNCTAD 18th session IGE UNCTAD 8th UN Conference on Competition 19th session IGE UNCTAD EEU Model Law on Competition ICN BRICS BRICS Conferences Documents The BRICS Competition Law and Policy Centre (BRICS Competition Centre) BRICS Working Groups for the research of competition issues in socially important markets The Working Group for Research on the Competition Issues in the Pharmaceutical Markets Chair: Russia The Working Group for Research on food value chains Chair: South Africa The Working Group for Research on the Competition Issues in the Automobile Markets Co-chaired: India, South Africa The Working Group for Research on the Competition Issues in the Digital Markets Co-chairs: Brazil, Russia BRICS Coordination Committee on antimonopoly policy EU APEC Competition Policy and Law Group Annual meetings Projects ERRA Full Members Organizational Structure Archive Working Group on Investigating Issues on Pricing in the Oil and Oil Product Markets and Methods of their Functioning Meetings Working Group for Studying Competition Problems in the Pharmaceutical Sector Working Group on Research of Competition Issues in the Market of International Telecommunications (Roaming) Document Library Legislation Reports & Analytics Cases & decisions COVID-19 Contacts Give feedback Contact us Links Authorities Worldwide