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Russia, China can make new crude benchmark

According to head of SPIMEX Alexei Rybnikov, the work on the topic of auctions with Russian companies is underway

ST. PETERSBURG, June 6. /TASS/. The St. Petersburg International Mercantile Exchange (SPIMEX) is discussing the start of electronic auctions for oil export sales with Russian oil producers, head of SPIMEX Alexei Rybnikov told TASS on the sidelines of the St. Petersburg International Economic Forum on Thursday.

"Trade volumes between Russia and China are giant; fundamentals of pricing have already been established. I think the point is to make new indicators linked to the new reality, proceeding from existing oil flows between major players," Rybnikov said, commenting on the earlier proposal of Rosneft CEO Igor Sechin to create new crude benchmarks for Russia and China.

"We are working on the topic of auctions with Russian companies now. I think it will be possible to start implementation of this system at the turn of the third - early in the fourth quarter," the top manager said. When trading will be standardized, then it will be possible to work out a reference price, he noted.