During the today`s meting with Azerbaijan`s President Ilham Aliyev, Russia`s Economic Development and Trade Minister German Gref has suggested Azerbaijan`s participating in the Oil Exchange founded in Russia, Trend reports.
Heydar Babayev, Azerbaijan`s Economic Development Minister pointed out that the President of the Country has given an appropriate commission.
I think that we shall take part at the Exchange with a great pleasure. That does not concern the sale of the Azerbaijani crude. It concerns the sale of the Russian URALS Crude Azerbaijan sells in the Russian Port of Novorossiysk. The foundation of the Exchange will create the basis to determine normal oil prices, told the Azerbaijani Economic Development Minister.
Azerbaijan is selling the crude URALS from the Port of Novorossiysk by transporting this raw via the pipeline Baku-Novorossiysk. The high-quality Azerbaijani crude including Azeri Light Crude is mixing in the Russian Pipeline System with the other crude grades and selling from the Port of Novorossiysk as URALS Crude. The density of URALS is 30.4-31.85 degrees on API, with the content of sulfur up to 1.8 percent.