FAS HAS AGREED ON THE FIRST TRADE POLICY WITH ABANDONMENT OF NETBACK AND PEGGING TO FOREIGN CURRENCIES

On March 30, 2022 FAS approved the trade policy of Gazpromneft - Bitumen Materials LLC. It became the first document where the company assumes the obligation to prioritize supplies to the domestic market and refuses to use foreign indicators and foreign currency exchange rates when setting prices.

In particular, the organization will use Russian stock exchange and over-the-counter indicators when setting bitumen prices.

The company will also provide non-discriminatory conditions for market participants.

FAS points out that bitumen price based on Russian indicators may help governmental customers in determining the initial maximum price of contracts in the construction of roads and socially important buildings (schools, hospitals).

FAS believes that this will prevent unreasonable price increases in the construction sector.

Currently the trade policies of such companies as LLC RN-Bitum and LLC Gazprom Neftekhim Salavat are being considered. Other market players will soon send draft trade policies to FAS.