FAS intends to form national price indices for oil and petrochemicals
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The Federal Antimonopoly Service (FAS) wants to form liquid national price indices for oil and petrochemical products. It is proposed to do this through the development of exchange trading and registration of over-the-counter transactions. Vedomosti.
The FAS initiative is contained in its draft roadmap for the development of exchange trading for 2022-2025. According to the document, in order to develop “representative national indices”, it is necessary to expand the list of data on over-the-counter contracts for oil supplies provided to the SPIMEX exchange. It is also planned to form exchange and over-the-counter price indices for petrochemical products.
The draft specifies that regular exchange trading in petrochemical products can begin no earlier than the end of 2023. In the fourth quarter of 2022, it is planned to agree on the minimum sales volumes on the exchange of paraffins, orthoxylene, toluene, technical methanol and isopropyl alcohol. Dominant companies in these markets will supply the exchange with at least 10% of sales in Russia.
Now the price of the Russian brand of Urals oil is calculated based on data from Argus and S&P Global Platts. There are no indicators for calculating prices for petrochemical products on the Russian market. The FAS representative told Vedomosti that the development of exchange trading in petrochemicals will help prevent unreasonable price increases, “expand the range of opportunities” for the sale of goods, and also allow abandoning foreign price indicators.
The Central Bank is also involved in the creation of a national system of indicators in the financial and commodity markets. The regulator proposed to legislate the concepts of “index activity” and “administrator of financial and commodity indicators”, as well as the basic principles and quality standards of such activity. It is planned to submit proposals before the end of the year.
Details – in the material “Kommersant” “Indicators of a new reality”.
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