MBNK exchange approves rules for gas trading
MOSCOW. May 16 (Interfax) - The Interregional Oil and Gas Exchange (MBNK) has approved rules for trading gas.
The relevant document, posted on the exchange's website, states that gas trading will be conducted in a dual auction process. Trading participants must have at least five years continuous experience working on the gas market or a connection to the gas transport system.
MBNK vice president Anton Karpov told Interfax that the document is a draft that will be revised. "The document has bottlenecks that need further discussion with Gazprom . Of course, there is also the question of the software and hardware system," he said.
Karpov did not specify when gas trading might be launched, but said the exchange is working in this direction.
The Russian government in mid-April approved a resolution on the sale of natural gas on commodity exchanges, which allows Gazprom to sell gas only on commodity exchanges. However, the gas giant has asked for permission for physical trading of gas on the LLC Gazprom Mezhregiongaz electronic trading platform.
Gazprom, Gazprom Mezhregiongaz and Gazprombank have already created the trading system, regulatory documents and clearing system for exchange trading. A hardware and software system has been developed with Rossiya Bank to automate all operations on transactions, settlements, and delivery of gas transport instructions for all trading regimes.
Mezhregiongaz patented its utility model Electronic Commodity Trading Control System back in 2006. The commodity exchange that will set up trading of gas will have to buy the license to use the trading system and software from Gazprom.
The chairman of MBNK, Russian Gas Association president Valery Yazev said earlier that the exchange will fight for the right to hold exchange trading of gas on its platform.
The president of the St. Petersburg International Commodities Exchange, Alexei Rybnikov said in an interview with Interfax that his exchange is in talks with Gazprom to set up an electronic gas market and is prepared to take on this project.