SPIMEX President Addressed the First Russo-Chinese Energy Business Forum


On 29 November 2018, Beijing hosted the first Russo-Chinese Energy Business Forum attended by representatives of largest energy companies and banks of the Russian Federation and the People’s Republic of China as well as regulators, IT companies and commodity exchanges.

Alexey Rybnikov, President of Saint Petersburg International Mercantile Exchange (SPIMEX), addressed the oil and natural gas session attended by representatives of financial and IT companies. Mr Rybnikov payed special attention to the evolution of pricing mechanisms used by the international crude oil markets and steps taken by the exchange for broadening business ties with Chinese companies in the commodities market.

The SPIMEX President reminded that China is the world’s largest importer of crude oil while Russia is its key producer. In this context mutual interest to new price formation models for energy commodities is more than natural.

One of the promising recent developments in the field is the launch of the SPIMEX Urals Crude Futures contract in November 2016.

Alexey Rybnikov pointed out that Chinese market participants have evinced active interest to this product of the Russian exchange. One of the examples is the fact that this autumn the Moscow branch of ICBC Group joined the list of settlement banks that work in the SPIMEX derivatives market. The exchange has established good working contact in the field of information and technical exchange with Chinese companies and regulators. It shall facilitate Russo-Chinese business ties in energy field, primarily in on-exchange derivatives trading.

The SPIMEX President also mentioned plans to launch SPIMEX ESPO Crude Futures contract that is expected to be of special interest to Chinese refiners.

Dmitri Sytin, Director General of TEK-Torg, Russia’s largest electronic trading platform operating in the national energy market, presented the AIMA project aimed at facilitating the process of setting direct ties between businessmen of the two nations. As of today, more than 70 Chinese companies use AIMA.

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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