Mikhail Temnichenko Addressed Global Crude Oil Summit in London

Mikhail Temnichenko, First Vice President of SPIMEX, addressed Global Crude Oil Summit held in London by S&P Global Platts.
This year the conference focused on changes in supply and demand in the world petroleum market, crude oil pricing and benchmark evolution as well as risk management strategies.

Mr. Temnichenko presented the SPIMEX Urals Crude Futures (FOB Primorsk). He pointed out that the new product is in line with the market’s thirst for a transparent and representative benchmark backed by a significant stream of physical crude oil.
Mr. Temnichenko stressed that Urals is one of the most prominent world’s crude oil grades thanks to its wide geographic reach, strong demand and stable exports deliveries.  
First Vice President of SPIMEX discussed the results of the first months of trading in the new product, a growth in the volumes traded and the fact that access to the SPIMEX Derivatives Market had been granted to all Russian oil majors and a number of non-resident companies.
First test deliveries of physical crude oil are in preparatory phase. Another task is a switch to new procedures for setting loading schedules for Urals which will be more convenient for the market participants. Special attention is paid by the Exchange to practical implementation of currency control, taxation, exports and customs clearing procedures applicable to physical deliveries of Russian crude oil.  
The SPIMEX Urals Crude Futures (FOB, Primorsk) was launched on 29 November 2016 with direct participation of the domestic oil companies and national regulators.
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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