16 Jul 2012 21:58

Putin backs proposal for setting up natural gas exchange

MAGNITOGORSK, Russia. July 16 (Interfax) - President Vladimir Putin expressed support for a proposal on Monday that a natural gas exchange be set up in Russia.

"We ought to go back to it, of course," Putin said at a conference in Magnitogorsk in response to the proposal, put forward by Federal Tariff Service head Sergei Novikov, who had said: "It would make sense to revive and develop this instrument, which would make it possible to hedge risks in the long term."

Novikov also argued that a gas exchange would be able to balance out supply for industrial customers and demand from them.