Moscow, 11 September 2001; Trading has commenced on NefteBid, a groundbreaking Internet exchange for electronic trading of oil products. Sibneft is the leading shareholder in NefteBid, which will enable electronic dealing in Russian refined products exported through Baltic Sea ports. The platform is the first of its kind in Europe.
NefteBid aims to revolutionize the way energy is bought and sold in the former Soviet Union. The exchange aims to expand to embrace new export markets for crude oil and refined products, with the goal of eventually inaugurating electronic trading on Russia's domestic market.
The platform has been built using cutting-edge technology supplied by RedMeteor.com. NefteBid (www.neftebid.com) enables traders to see the whole market at a glance and to negotiate bids and offers in real time, helping to increase liquidity and transparency.
The platform is specifically tailored to the needs of the trading community and aims to ensure round-the-clock reliability, ease of use, superior response time and the best transaction security available. Users will pay the exchange a percentage commission of every transaction concluded over the platform.
Sibneft president Eugene Shvidler welcomed the launch of the new platform. "The launch of NefteBid will make an important contribution towards making Russian oil markets more transparent and more efficient."