Gazprom Neft has received two awards from the St Petersburg International Mercantile Exchange (SPIMEX): for its contribution to developing the country’s exchange-trading market, and maintaining a consistent level of exchange-traded sales in oil products; and for the company’ active involvement in developing a futures market in Russian crude.
Gazprom Neft was the first company on Russia’s oil futures market to test the Exchange of Futures for Physicals (EFP) process (a procedure for exchanging futures positions for physical supplies) in exported oil on SPIMEX, in 2016. Launching a deliverable futures exchange contract allows a direct market quotation for export oil to be set, eliminating any risk of price manipulations and ensuring transparent and fair pricing for Russian export oil by balancing demand and supply from a large number of market participants, united on a single exchange platform. Gazprom Neft continues to support this national initiative in setting a pricing benchmark for Russian export crude, acting as a market maker in URALS futures contracts.
Anatoly Cherner, Deputy CEO for Logistics, Processing and Sales, Gazprom Neft, commented: “Gazprom Neft, in conjunction with the St Petersburg International Mercantile Exchange and market regulators, continues to be proactively involved in designing, implementing and developing cutting-edge exchange mechanisms for regulating the market in oil and oil products. Expanding and fine-tuning exchange-trading instruments is an important and positive factor in developing the fuel market in the Russian Federation.”