Russian oil producing companies to be obliged to sell 5% of their raw materials at exchange

The Russian Ministry of Energy has finally agreed to establish a mandatory norm of oil exchange sales on the domestic market in the amount of 5%, and gas production – of 6-10%. The solution was agreed upon and will soon be approved, the FAS states. But sources of the Kommersant are in doubt: the large oil companies will have to find 26 million tons of oil, not contracted under long-term agreements or to work on a bypass schemes. The approval of regulations for gas, where there is oversupply on the market, is more likely.

The FAS has agreed the norm of compulsory sale of oil and gas on the stock exchange with the Ministry of Energy, the deputy head of the Service Anatoly Golomolzin said on Friday. "There was a long discussion, and then at the meeting with the Minister (of Energy Alexander Novak) we finally decided and fixed these parameters - 5% of the volume of crude oil," - he said. Mr. Golomolzin added that it was also decided to make a standard for gas exporters (i.e. Gazprom) - 6% of the volume, supplied to the gas transportation system, and 10% - for independent producers. "We will soon submit the orders for the signing to the Energy Ministry," - he concluded. The Energy Ministry declined to comment. According to the Kommersant, the meeting of Mr. Novak with the head of the FAS Igor Artemyev took place on April 5 and was attended by Mr. Golomolzin and the First Deputy Energy Minister Alexei Teksler.