Growth in exchange sales of petroleum products may continue another 2-3 years, long-term contracts should remain basis - head of SPIMEX

MOSCOW. Jan 22 (Interfax) - Growth in the volume of exchange sales of petroleum products may continue for another two or three years, after which it will likely plateau, and long-term non-exchange contracts should remain the basis for price stability, St. Petersburg International Mercantile Exchange (SPIMEX) president Igor Artemyev told reporters.

"I think that we are able to grow another several years, two years or perhaps slightly more. Sales at some point will likely already be at a level of more than a third from the sales of all petroleum products, though as the basis for economic stability, and long-term, non-exchange contracts should of course remain," Artemyev said.

He said that the overwhelming majority of Russian oil companies currently trade petroleum products on the exchange in excess of the standard, which is set at 16% of production for diesel and 15% for gasoline.

Artemyev said that every third tonne of diesel and gasoline, around 33% of overall production in Russia, is sold on the SPIMEX.

As reported, the volume of petroleum products trading on the SPIMEX reached a record 37.19 million tonnes amid turnover of 2.154 trillion rubles in 2024.