OREANDA-NEWS. October 27, 2014. Rosneft Head, Chairman of the Management Board of SPIMEX Igor Sechin participated in the ceremony of the start of on-exchange gas trading at the Saint-Petersburg International Mercantile Exchange (SPIMEX).

On-exchange trading was organized in pursuance of the decisions of the of the President of the Russian Federation.

The start of gas on-exchange trading is one of the key events for the Russian gas industry of this year, as it will guarantee transparency of pricing and resource availability. Also, all market players will have equal conditions due to the common procedure of gas marketing.

The participants of gas exchange trading are: Rosneft, Gazprom Mezhregiongaz, Novatek, as well as leading enterprises of electric power, agrochemistry, and metallurgy – Fortum, Enel Russia, KES-Trading, Severneft-Urengoy, INTER RAO and others.

The terms of trading provide automatic access to gas transport system if the deal for gas supplies is closed. Moreover, stock trading helps to minimize the risks, associated with the execution of contract obligations by the counteragents. At the same time this procedure of gas marketing will allow the Company to boost its contract portfolio and widen the client base.

At the ceremony Igor Sechin said: “We had only one price guideline until today – the price regulated by the Federal Tariff Service. Now we can say that there is another alternative transparent instrument for determining “fair” market value of gas”.

SPIMEX President Alexey Rybnikov emphasized, that “within short time a huge amount of work has been done. The peculiarity of gas trading demands elaboration of a normative base and making significant changes in hardware and software complexes of all participants of stock trading infrastructure. Federal Anti-Monopoly Service, bank of Russia and the Ministry of Energy provided significant help in coordination of all procedures to start organized gas trading. Later the Stock is planning to start trading with delivery regime termed for decade and the following day, as well as extend the number of regions and industries, participating in trading”.