On Friday, Russia’s Ministry of Energy launched first natural gas trades on the St. Petersburg International Mercantile Exchange (SPIMEX). The ceremonial opening of trades was carried out by Rosneft CEO Igor Sechin, Gazprom Deputy Chairman Valery Golubev, Deputy Head of FAS Russia Anatoly Golomolzin, First Feputy Governor of the Bank of Russia Sergey Shvetsov, and Deputy Energy Minister Kirill Molodtsov.
According to SPIMEX, 21 million cubic meters of gas was sold by the end of the first trading day at an average price of 2,633 rubles per thousand cubic meters.
"Implementation of the Ministry of Energy’s initiative to launch organized gas trades on Russian exchanges will promote competition and introduction of market-based pricing principles,” said Energy Minister Alexander Novak. He also noted that the new market tool has a great potential and all the prerequisites for dynamic development.
