A member of the Lukoil Group gets a Market Maker status in the SPIMEX Derivatives Market

Lukoil Reservnefteproduct, a subsidiary of Lukoil, signed an agreement with Saint Petersburg International Mercantile Exchange to act as a market maker in the SPIMEX Derivatives Market. 
The Lukoil Group took this step in the run up to the launch of the SPIMEX Urals Crude Futures (FOB, Primorsk) held on 29 November 2016. Under the agreement the Lukoil subsidiary will make specified ask quantities in the new futures under the SPIMEX Market Maker Offer Size Support Program and will play an important role in providing liquidity for the market. 
The SPIMEX Urals Crude Futures contact has to become a core of a new pricing mechanism for Russian export crude oil by setting a direct market price without any reference to other marker crudes and filling the gap between physical "wet" barrels and futures traded "paper" barrels. 
Saint Petersburg International Mercantile Exchange (SPIMEX) is the largest Russian commodity exchange which offers a wide range of products traded both in its Commodities Markets (refined products, crude oil, natural gas, LPG, timber and construction materials) and in its Derivatives Market. 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. The exchange license is available at the SPIMEX web-site.

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