Russian Economics Ministry to submit oil product trading proposals soon

Other News Materials 20 June 2006 15:38 (UTC +04:00)

(RIA Novosti) - Russia's Economic Development and Trade Ministry will submit

to the government proposals on rules and procedures for trading oil products on domestic commodity exchanges by the end of July, a deputy minister said Tuesday.

Kirill Androsov said, "By the end of July, we will submit proposals to the government on rules and procedures for trading oil products on commodity exchanges, after which a trading floor will be chosen, and by the end of the year we will launch the first trading in motor fuel."

President Vladimir Putin said in his May 10 state of the nation address that Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products in rubles, reports Trend.

Androsov said the Economics Ministry had drawn up a draft bill on differentiating excises for motor fuel depending on fuel quality. He said the bill would be submitted to the State Duma, Russia's lower house of parliament, later this year.