A member of the Zarubezhneft Group becomes a market maker in the SPIMEX Urals Crude Futures market

Zarnestservice (a member of the Zarubezhneft Group) has signed a market maker agreement at the SPIMEX Urals Crude Futures market.

Zarnestservice, as a participant to the Minimum Offer Size Market Maker Program, will on a daily basis provide continuous quoting for the Urals crude futures in specified minimum offer quantities.

This decision will be instrumental in rising liquidity of the market. It demonstrates that the exchange is working consistently with domestic market participants and will also serve as an impetus for large international market players to join trades in SPIMEX Urals Crude Futures (FOB, Primorsk) launched on 29 November 2016.

Zarubezhneft is a highly experienced trading participant at SPIMEX. In addition for over three years the Company has been selling Russian crude oil for exports via Torg-i (the Exchange’s electronic tender platform), thus, making a valuable contribution to the efforts aimed at setting a new pricing mechanism for Russian energy exports to be based on the SPIMEX Urals Crude Futures contract.

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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