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Russian Export Blend Could Replace Urals Crude As Main Index Setter
Moscow (RIA Novosti) Oct 10, 2006 REBCO, Russia's new export blend crude oil, should replace Urals blend as the basis for calculating supply prices, export duties and mineral extraction tax, a deputy economics minister said Monday. "There is a possibility of shifting from Urals to REBCO in [calculating] mineral extraction tax and export duties in 2008, and of making REBCO Russia's price index," Kirill Androsov told a news conference. Earlier on Monday, Economics Minister German Gref announced plans to launch REBCO futures on the New York Stock Exchange on October 20. "We plan to launch Russian REBCO futures on the New York Stock Exchange from October 20 under an agreement with the NYSE," Gref said, adding that trade in futures contracts for Russian oil would eventually be transferred to Russian floors. Androsov said the price of REBCO, to be pumped into Europe via Baltic pipelines, should be higher than that of Urals, generally priced at a $5-6/bbl discount to Brent. "In terms of sulfur content and viscosity, this blend meets requirements of refineries in Western and Eastern Europe." He said REBCO will also appear on CME GLOBEX, operated jointly by the NYSE and the Chicago Mercantile Exchange, on October 22. Speaking of the Russian government's plans to launch a domestic oil derivatives exchange by the year's end, Androsov said a corresponding resolution, currently in the making, will oblige state-owned companies to make at least 25% of their annual refined oil purchases on that market. The lower limit "has to be high enough to motivate sellers and buyers," he explained. President Vladimir Putin said in his state-of-the-nation address on May 10 that Russia, as a leading oil exporting nation, should set up domestic markets to trade crude oil and derivatives in the national currency, the ruble.
Source: RIA Novosti Related Links Powering The World in the 21st Century 
Russia-Germany Energy Cooperation Could Be Extended
Dresden (RIA Novosti) Oct 11, 2006Energy cooperation between Russia and Germany could be extended so that the FRG could turn from a consumer to a large European distribution center for natural gas and oil, Russia's president said Tuesday. Russia and Germany have been expanding their energy ties lately, in particular through the Nord Stream pipeline between the two countries (the North European Gas Pipeline), of which former German Chancellor Gerhard Schroeder heads the shareholders' board. |
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