Three Years Later: in September 2014 Zarubezhneft Pioneered Crude Oil Exports Opportunities Offered by SPIMEX

Three years have passed since the time when the first exports contracts were made by Zarubezhneft on the sale of Russian crude oil via trading tools offered to the market by the Saint Petersburg International Mercantile Exchange (SPIMEX).  
Since then Zarubezhneft has sold more than 5.4 million tonnes of crude oil via the Torg-i electronic trading platform affiliated to SPIMEX in the total amount of USD 1.7 bn. 
In September 2014, Zarubezhneft became the first company which on a regular basis started to export crude oil by using such trading tools. 
Triggering the trades in exported Russian crude oil at the electronic trading platform affiliated to the Russia’s largest commodity exchange, Zarubezhneft contributed to the launch of the SPIMEX Urals Crude Futures (FOB Primorsk), a physically-settled contract that has to become a core of a new pricing mechanism for exported Russian crude oil. 
Support of the domestic commodity exchange market is instrumental in attaining the objectives set by the Presidential Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security and by the Russian Government on raising the efficiency and competiveness of the Russian oil industry. 
Background information 
2013: Zarubezhneft became the first company to sell crude oil to domestic Russian consumers at the SPIMEX Crude Oil Market. 
2014: Zarubezhneft pioneered crude oil exports via the Torg-i electronic trading platform affiliated to SPIMEX. 
2015: Zarubezhneft won the 2015 Award ‘The Largest Seller at the SPIMEX Crude Oil Market’ 
2016: Zarubezhneft won the 2016 Award ‘The Russian Crude Oil Exchange Market Leader’.  
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Commodities Sections (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Section. The Exchange’s key task is operating a transparent price formation mechanism to ensure fair prices for the commodities produced in Russia. SPIMEX was incorporated in 2008.


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