Rosneft takes over the sale of fuel on the stock exchange

State company Rosneft resumed trading on Tuesday Saint PETERSBOURG international commodity Exchange (SPIMTSB), told "Vedomosti" two bidders. The exchange representative has not yet answered the questions of "Vedomosti". Rosneft's representative, Mikhail Leontiev, pointed out that Rosneft had never left the exchange.

On November 15 and 16, Rosneft completely stopped supplying fuel through the exchange, the bidders said. As of November 19, the state company resumed trading on the stock market, but only made targeted transactions. As of November 27, the company has resumed free sale, according to Vedomosti's interlocutors.

The main complaint of Rosneft was that some participants in the stock exchange had increased the cost of fuel through non-commercial instruments. "There is no stock market, it is destroyed, distorted," Leontiev said.

On Monday, November 26, Rosneft accepted SPIMEX's proposals to change the stock exchange trading rules. In particular, the stock exchange has agreed to set higher security rates for operators, as well as to increase the amount of penalties for non-execution of transactions. Previously, some traders bought at a premium and overestimated the cost of fuel, and then refused to sell and sell stocks at inflated prices. Now, for refusing to execute contracts, you will have to pay fines, said a source close to one of the participants in the exchange.

The exchange proposes to reduce to one day the time between the sale and the physical shipment of the goods. It intends to limit the number of bidders in two categories: "exchange member" and "section member" in the sale of petroleum products. The stock exchange also proposes to introduce fines for refusing to execute stock exchange contracts, in order to increase the payment of surplus merchants' workstations, says SPIMEX.

"The measures are aimed at reducing the redundancy of speculative activities," said SPIMEX chairman Alexey Rybnikov. – These are medium-term measures, the council of the section supported them. At the beginning of December, they will be examined and sent to the Central Bank. We will ask the Central Bank to approve them to work from the New Year. "

Rosneft is the largest publicly traded company in the world in terms of reserves, the largest Russian producer of petrol and diesel fuel and the largest seller of fuel on the stock exchange. Rosneft represents 36.4% of the supply. Since early November, according to Vedomosti, the company has sold through the exchange 6.5% of monthly gasoline production and 2.5% of diesel fuel production.