OREANDA-NEWS. On 02 April 2008 was announced, that meeting on the issue concerning the foundation of the International Commodities and Raw Materials Exchange has been held in the Government house under the chairmanship of Victor Zubkov, reported by the Russian government press-service. “Transneft”, “Rosneft”, “Zarubezhneft” will form the skeleton of the exchange founders. “Transnefteproduct” will take an active participation.Vladimir Milovidov, Director for the Federal Service for Financial Markets (FSFM) has stated following the results of the meeting that such first-rate Russian banks as VTB, Gazprombank, Sberbank have expressed interest in clearing and exchange accounts settlement organization.

Moreover Mr. Milovidov expects the project will be joined by the major traders of the petrochemicals market, - private oil companies such as “Tatneft”, “Surgutneftegaz”, “NovoTEK”. The International Commodities and Raw Materials Exchange will be a registered legal entity in April 2008 and will be licensed in May. Quoted as FSFM’s director saying that his service “is ready to issue a license in May so that to present a ready-to-run exchange at the St. Petersburg International Economic Forum.”Kirill Androsov, the Minister of the Economic Development and Trade has stated in his turn that the idea of the project was presented last year at the 11th St. Petersburg International Economic Forum.

“This year our mission is to present during the 12th Forum the virtually operable mechanisms, trading rules, and to complete in fact the ground work”, K. Androsov said. V. Milovidov considers “such exchange will become an important mechanism for formation of the transparent and understandable prices”. A Head for FSFM mentioned that “the domestic market will see the minimization of the economic forces holding up the prices”. He has expressed his hope for attainment of the transparent and reasonable pricing for the key commodities and primarily for the petrochemicals by dint of the exchange.

In response to journalists’ questions Mr. Milovidov said that the exchange form of ownership will be the closed joint stock company. According to his story the exchange will be of a petrochemical contour for this reason the companies related with this segment primarily the state shared companies will become the head founders at the first stage. Mr. Androsov added that the exchange will be entered by the government traders – the divisions of the Ministry of Civil Defence and Emergency Response, Ministry of Defence, Ministry of Agriculture, housing and public utilities. These organizations according to his version take up 25% of the motor oil purchasers in the Russian Federation.

V. Milovidov estimated the Russian petrochemical market size at 1,5 billion rubles. “We proceed from the perspective that the market will become an exchange-traded, transparent though not during on year”, - FSFM’s head said.