OREANDA-NEWS. "Zarubezhneft" JSC started trading crude oil in the section "Oil" at Saint-Petersburg International Mercantile Exchange ("SPIMEX" CJSC).

Zarubezhneft put on its first auction 20 000 tones of oil out of resources of the joint company RUSVIETPETRO which produces oil at the fields of Central Khoreyver Uplift in Nenets Autonomous Area.

On April 25 the first deal has been signed. 20 000 tones of oil have been sold.

Three companies and their clients took part in the auction. Bidding was conducted in mode of bilateral opposite auction.

Following the results of the auction General Director of "Zarubezhneft" JSC Sergey Kudryashov said: "Today we made first and very important step for development of the joint project with Saint-Petersburg International Mercantile Exchange. I hope, that our further work would become an efficient instrument for improvement of effectiveness of Zarubezhneft`s activity in the section of oil sales and would provide transparency of the deals".

President of the Exchange Aleksey Rybnikov said: "Together with "Zarubezhneft" JSC we conducted vast technological and organizational work on preparation for the auction. Successful oil sales through transparent stock trading let the company achieve targeted price level. We are also grateful to Transneft for the support in implementation of this project. We recon upon further expansion of oil stock trading and formation of objective and transparent market benchmarks".

"Zarubezhneft" JSC is the oldest foreign economic enterprise of oil and gas sector of Russia. At the present time is a Joint Stock Company with 100 % shares held in the federal ownership, included in the list of strategic enterprises of the Russian Federation. Since the year 1967 company have implemented projects in more than 35 countries of the world – Vietnam, India, Syria, Cuba, Iraq and other.

At the present time company`s activity covers South-East and South Asia, Middle East, Latin America, Europe (Balkan region), CIS countries, Russian Federation and includes upstream and downstream, development and implementation of modern methods of increasing oil recovery, supply of oil equipment and materials and provision of various services.

"Saint-Petersburg International Mercantile Exchange" CJSC was registered in May 2008, the license of FFMS of Russia for organization exchange trade № 153 dated June 5, 2008.

The Exchange founding members are: "Transneft", "Transnefteprodukt", "Rosneft", "Gazprom neft", "Zarubezhneft", "Surgutneftegaz", "Tatneft", "Agency for strategic investments" and major trading and transport companies "Sovkomflot", "RR" and banks VTB, Sberbank.

On September 23, 2008 SPIMEX began first diesel oil and jet fuel trade in the section "Petrochemicals". The present day "Saint-Petersburg International Mercantile Exchange" (SPIMEX) is the biggest commodity market in Russia and organizes exchange trade of real commodity and termed contracts.