Oil cos sell 5% of oil products through SPIMEX in 2012
MOSCOW. Jan 16 (Interfax) - Sales of oil products on the St. Petersburg International Mercantile Exchange (SPIMEX) totalled 9.6 million tonnes in 2012 and turnover amounted to 254.4 billion rubles, the exchange reported.
Compared to 2011, the amount of oil products sold on SPIMEX fell by nearly 13%, while turnover was little changed from about 260 billion rubles in 2011.
Company data show that 174.3 million tonnes of oil products were produced in Russia in the first eleven months of 2012. Therefore, about 5% of total domestic production was sold through the exchange.
The number of oil product transactions increased by 35% to 16,900 in 2012 from 12,600 in 2011, while the size of the average transaction fell to 565 tonnes from 922 tonnes. The number of two-sided transactions decreased by 21% and amounted to 5.3% of turnover, while auction deals accounted for less than 1%.
Vertically integrated oil companies accounted for 93%, or 8.91 million tonnes of the oil products sold. Gazprom Neft (SIBN) led with 21.8% of the total, or 2.09 million tonnes sold, and Lukoil followed with 19.1% of total exchange sales. Surgutneftegas was third with 17.2%, TNK-BP was fourth with 17% and Rosneft rounded out the top five with 12.7%. Bashneft accounted for 2.3% of the total.
Sales of oil products on SPIMEX by company:
| Company | Amount sold, mln t | Share of total sold |
| Gazprom Neft | 2.09 | 21.8% |
| Lukoil | 1.83 | 19.1% |
| Surgutneftegas | 1.65 | 17.2% |
| TNK-BP | 1.63 | 17.0% |
| Rosneft | 1.22 | 12.7% |
| Bashneft | 0.22 | 2.3% |
| Gazprom Neftekhim Salavat | 0.10 | 1.1% |
| ForteInvest | 0.10 | 1.1% |
| TAIF-NK | 0.08 | 0.8% |
| Total for these companies | 8.91 | 93.1% |
Diesel fuel continues to lead sales of oil products on the exchange, accounting for 44.2% of turnover in 2012, though this was down from 48.2% in 2011. Gasoline followed with 25.9%, up from 23.5%, and the share of jet fuel also grew to 17.3% from 14.7% in 2011. The share of fuel oil, meanwhile, dropped to 11.7% from 12.7%.
The volume of trading on balancing points (hubs) surged 130% to 700,000 tonnes, as the number of number of transactions more than tripled.
SPIMEX's client based expanded by 16% to 1,051 companies in 2012.
There were 1,290 transactions totaling more than 3.5 billion rubles (119,300 contracts) on the SPIMEX futures section. In addition to deliverable futures on diesel fuel, as of October 1 SPIMEX introduced nondeliverable futures on gasoline, diesel fuel, fuel oil and jet fuel indexes.
Deliverable futures for summer diesel accounted for about 70% of turnover on the futures market. Nondeliverable futures on SPIMEX indexes made up the other 30%, with Regular-92 gasoline accounting for 24% of turnover, summer diesel 3%, jet fuel 2% and fuel oil 0.5%.
There were 110,994 over-the-counter transactions registered in the period totalling more than 41.3 million tonnes of oil products. In addition, registration of transactions with coal began in December, and 72 deals for 13.7 million tonnes were registered.
SPIMEX began trading of oil products in September 2008, and it now accounts for about 90% of all exchange trading in oil products in Russia.
