First Vice President of SPIMEX addressed the Argus European and Global Crude Summit 2017

On 10 October 2017, Mikhail Temnichenko, First Vice President of SPIMEX, addressed the Argus European and Global Crude Summit 2017 held in Geneva.
This year the forum focused on drivers of the global and European crude oil markets, OPEC and other producers’ strategies, trends in the markets in the North Sea, the Mediterranean and Russia as well as evolution of the world benchmarks. 
Mikhail Temnichenko informed the audience on the SPIMEX project on setting a new price model for exported Russian crude oil and a direct price of Urals quoted at the exchange. The physically-settled SPIMEX Urals Crude Futures contract was launched in November 2016. 
Photo: A.Petrenko /
The volume traded since the launch equals 3.8 MMbbls, i.e.1,190 futures contracts in the total amount of USD 189 mn. Mikhail Temnichenko paid special attention to necessity to raise further market liquidity and informed on new market makers in the Urals market from amongst the largest domestic banks and petroleum companies. 
The exchange anticipates that a growing number of brokers including international brokers will result in an inflow of new market participants. 
At present SPIMEX together with PricewaterhouseCoopers and SDCO – a clearing house associated with the exchange – drafts proposals to amend taxation and currency control legislation applicable to non-residents of Russia that shall facilitate their participation in the Urals futures trades on the demand side.  
The speaker mentioned measures that shall make Primorsk shipping schedules for each calendar month available to potential buyers much earlier than today. Such steps along with other efforts taken by interested parties shall result in test physical deliveries under SPIMEX Urals Crude Futures. 
Mikhail Temnichenko also assessed perspectives of joining the Urals futures market by companies from Asia Pacific including, in particular, access to trading for Chinese buyers and sellers of crude oil and Chinese infrastructural entities. 
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. 

DB query error.
Please try later.