Nearly all major Russian oil companies join Russian Railways CDO project on SPIMEX
MOSCOW. Jan 19 (Interfax) - Nearly all major Russian oil companies have joined the project to assemble an exchange infrastructure for supplying petroleum products by railway, the Commodity Delivery Operator (CDO), which the St. Petersburg International Mercantile Exchange (SPIMEX) is implementing jointly with Russian Railways and a division of Digital Logistics LLC, the project operator, the SPIMEX said in a statement posted on its website.
According to the SPIMEX, the Federal Anti-monopoly Service (FAS) recommended that oil companies and participants in the petroleum products market join the CDO project, as well as enter into exchange contracts based on oil refinery supplies under the terms and conditions of free on board (FOB) at the departure station of the CDO.
"Currently, 10 of the 12 main suppliers of petroleum products, the vertically integrated oil companies, have joined the terms and conditions of the CDO supply services, including Rosneft , Gazprom Neft , Tatneft-AZS Center, SIBUR Holding, Lukoil-RNP-Trading, TAIF-NK, ForteInvest, Gazprom GNP sales, RUSINVEST, and Gazprom Neftekhim Salavat," the SPIMEX said.
The SPIMEX plans by the end of the second quarter this year to transfer sales of petroleum products traded under the terms and conditions of FOB at the departure station to the terms and conditions of FOB at the departure station of the CDO.
The SPIMEX previously reported that the Russian Railways CDO project, whose active phase is planned for 2023, would render the process of moving exchange goods by railway transport open for sellers and buyers, reduce the price of transporting goods to a single calculation, and simplify the document flow for railway deliveries of an exchange product.