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Russia’s monopoly regulator plans to launch oil benchmark in late 2016

March 21, 12:44 UTC+3 MOSCOW
The watchdog also still plans to launch crude oil trading via the St. Petersburg International Mercantile Exchange
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MOSCOW, March 21. /TASS/. Russia’s Federal Antimonopoly Service (FAS) plans to launch the country’s oil benchmark in the fourth quarter of this year, Deputy Head of FAS Anatoly Golomolzin said Monday.

"Approximately, the fourth quarter of this year," he said.

According to the official, "there's already been an exchange committee meeting, and a draft plan of arrangements to form the benchmark has been prepared." "This week we will agree it with our colleagues and approve," he added.

The watchdog also still plans to launch crude oil trading via the St. Petersburg International Mercantile Exchange, Golomolzin said.

"[It will be] launched in 2017. In 2016, we’re launching trading on industrial scale. In 2017, [we will reach] the volumes sufficient for forming a quick trading and sustainable for forming a benchmark. You cannot form a benchmark per saltum, it involves a permanent procedure, a sustainable trading, a stably operating flow of cargo," he said.

The St. Petersburg International Mercantile Exchange together with Energy Ministry, Central Bank, Finance Ministry, Economic Development Ministry, Federal Antimonopoly Service and oil companies have been involved in creating a new Russian oil benchmark for almost 2 years already. The benchmark will provide the budget and Russian oil companies with extra revenues of $0.5-1 per barrel, the St. Petersburg International Mercantile Exchange said earlier. The dollar will be used in calculations at the initial stage. The Russian ruble, the euro and the yuan may be used later. The Russian benchmark is also planned to be used for calculation of oil export duties.

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