Rosneft sold 271,600 tonnes of petroleum products on the Saint Petersburg International Mercantile Exchange during February 2011 for 5.5 billion rubles. Sales on the Exchange represented 22.5% of total domestic sales of petroleum products by the Company during the month.
The share significantly exceeds the requirement of the Federal Antimonopoly Service, by which at least 15% of total domestic sales of petroleum products should be via exchanges.
Exchange sales by Rosneft in February included 58,300 tonnes of Regular-92 gasoline, 4,600 tonnes of Premium-95 gasoline, 50,900 tonnes of Arctic diesel, and 10,600 tonnes of jet fuel.
Fuel sold by Rosneft on the Saint Petersburg Exchange is produced at the Company’s four main refining facilities: Achinsk, Angarsk, the Samara Refinery Group, and Komsomolsk.
In 2008 Rosneft was the first vertically integrated Russian oil company to begin large-scale exchange trading of petroleum products, in compliance with Russian government recommendations. Much work has been carried out with counter-parties and potential customers since that time in order to maximize the number of organizations, which take part in exchange trading. Volumes have grown by several dozen times and the current objective is to increase direct involvement of end-users in trading.
The Saint Petersburg International Mercantile Exchange (SPIMEX) provides an organized and regulated venue for wholesale trading of petroleum products. The Exchange was founded by Rosneft, Transneft, Transnefteprodukt, Gazprom Neft, Zarubezhneft, Surgutneftegaz, Tatneft, Russian Railways, and a number of other companies.