Saint Petersburg International Mercantile Exchange (SPIMEX) and Shanghai Petroleum and Natural Gas Exchange (SHPGX) signed a memorandum of understanding (MoU).

The MoU focuses on the following objectives: 
   •  to facilitate the development of on-exchange crude oil market and commodity derivatives market in Russia and China; 
   •  to develop a model of on-exchange trading in specified grades of Russian crude oil for Chinese companies as well as admission and technical access procedures to be used by SPIMEX trading participants from China; 
   •  to jointly develop new commodity-based products. 
Successful implementation of the memorandum will broaden the client base of both exchanges and raise the liquidity of the relevant markets. Further intergovernmental, cross agency and inter-institutional cooperation in the field of regulated commodity markets shall enhance the role of Russia and China as well as their exchanges in the international energy markets. 
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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