First Vice President of SPIMEX Addressed Argus China and Global Oil 2017

Mikhail Temnichenko, First Vice President of SPIMEX, addressed Argus China and Global Oil 2017 which focused on Chinese market and its impact on the global petroleum markets, changes in the country’s crude imports, key suppliers and crude oil price formation. 
Mr. Temnichenko presented the SPIMEX Urals Crude Futures contract (FOB, Primorsk) that has to become a core of a new pricing mechanism for exported Russian crude oil. 

Mr. Temnichenko told about the corporate history of the Russia’s largest commodity exchange, made an overview of the SPIMEX spot energy markets, SPIMEX price indices and the framework used for registration of OTC transactions. Special attention was paid to operation of the risk management system of the SPIMEX Derivatives Market. 
The focus was made on the trades in the physically-settled SPIMEX Urals Crude Futures contract (FOB, Primorsk) launched on 29 November 2016: the contract’s life cycle, applicable settlement procedures and admission rules which in particular allow access to trades of overseas companies. 
Mr. Temnichenko stressed that the Urals is one of the most prominent world’s crude oil grades thanks to its wide geographic reach, strong demand and stable exports deliveries.  
Mr. Temnichenko analyzed the first results achieved since the launch of the SPIMEX Urals Crude Futures, informed on the new trading participants, both domestic and overseas and finally elaborated on the plans to attract international traders, refiners, Russian and non-Russian financial institutions to the trades in the Urals 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. Its exchange license is available at the SPIMEX web-site.


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