Russia to set up oil exchange

Oct 11, 2005 02:00 AM

Russia's Federal Financial Markets Service intends to submit a draft law on oil exchanges to the government soon, the FFMS deputy head said.
Bembya Khulkhachiyev said the service was working in conjunction with the Industry and Energy and the Economic Development and Trade ministries to develop the domestic market of oil and petroleum products.

He said the government would take steps by the end of the year to contribute to the development of this market.
According to Anna Popova, the director of the corporate governance department within the Economic Development and Trade Ministry, common rules for the commodity, forex and stock markets and the required infrastructure development will help establish a national market of oil and necessary financial derivatives.

Source: PIN/RIA Novosti
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