Representatives of the commodity market of China visited SPIMEX


On October 25, 2018, the Moscow office of the Saint-Petersburg International Mercantile Exchange (SPIMEX) was visited by representatives of the National Development and Reform Commission of the People’s Republic of China (NDRC), the Shanghai Petroleum and Natural Gas Exchange (SHPGX) and SINOPEC Gas Company. The meeting was another event implemented by SPIMEX and SHPGX in the framework of the Memorandum of Understanding, signed in January in Shanghai this year.

The main areas of cooperation stipulated in the Memorandum are the development of on-exchange crude oil market and commodity derivatives market; the development of a model of on-exchange trading in specified grades of Russian crude oil for Chinese companies, the joint development of new commodity-based products.

During the meeting, the parties exchanged views on the expansion of interaction between Chinese and Russian companies operating in commodity markets, and shared experience in developing trading of commodities and futures contracts on energy markets.

Besides, as a part of the visit, the Chinese delegation held the meeting in FAS Russia with the deputy head of the department, Anatoly Golomolzin, and the President of SPIMEX Alexey Rybnikov.

These actions  implemented by SPIMEX and SHPGX are intended to lay the foundations for the development of bilateral exchange projects on the energy markets of the Russian Federation and the People's Republic of China. They will enable to establish a framework for further interaction of the Russian and Chinese authorities, specialized agencies and business community on the subject of developing commodity trading using exchange mechanisms.

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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