Gazprombank will create a price agency – News – Business – Kommersant
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Gazprombank plans to launch a division with the functions of a pricing agency. The center has already existed in pilot mode since September 2022. Now he calculates indices for coal, methanol, rates for gondola cars and plans to expand the range of goods for all Russian exports.
“The creation of our own benchmarks for commodity indices for Russia is long overdue. Russia is the largest exporter of many raw materials, and not a single world standard is calculated on its basis,” said a representative of Gazprombank Vedomosti.
The range of goods will be built based on the demand of participants in the commodity markets. The basis for calculating quotes will be the collection of information on market transactions, which is in line with the practices of world price agencies, said a representative of Gazprombank. According to him, the binding in contracts to “foreign” standards, the formation of which is carried out in another geographical region, carries the risk of discounts.
As an example, the newspaper cites quotes for Russian oil Urals, which are provided by the Argus agency. The index is based on CIF (“shipped to”) in European ports, but it became unrepresentative after the EU embargo. Because of this, Argus began to calculate the index on the basis of FOB (“loading on board”) in the ports of Primorsk, Ust-Luga and Novorossiysk. According to Vedomosti sources, this quote is not an objective benchmark, as it does not take into account insurance and the price of freight. At the end of February, Argus began calculating DAP (delivery to destination) prices on the west coast of India. Within the framework of this quote, the discount of Urals to dated Brent was $16-17 per barrel.
On the impact of the Urals quote on the replenishment of the budget – in the material “Kommersant FM” “Under the Infusion of Circumstances”.
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