Russia’s SPIMEX works with China on Urals export trade

MOSCOW, Jun 2 (PRIME) -- Russia’s St. Petersburg International Mercantile Exchange (SPIMEX) is in close cooperation with China for the launch of export trade in the Urals blend, SPIMEX President Alexander Rybnikov told PRIME late on Wednesday.

“We are in close contact with our Chinese colleagues and we are exchanging data on the business situation. The exchange floor at the Shanghai free-trade zone plans to launch a deliverable contract for crude that is imported to China, but no certain terms for the launch have been announced yet,” he said.

“In general, we see a lot of interest from different companies in the Asia–Pacific region to Russian deliverable contracts for oil.”

Futures for the Urals oil are to define an independent price for the Russian oil blend, which is now based on calculations of an increment to the Brent oil price.

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