FAS suggests minimal oil sale volume on stock exchange at 5% of an oil company’s extraction

​FAS suggests setting the minimal volume of oil sale on the stock exchange in Russia at 5% of oil extraction volume of each oil company but in total this volume is to make up not less than 4% of the entire oil extraction volume of all companies in Russia.

“The market of crude oil in Russia is characterized with the dominant position of a few companies: Rosneft, Lukoil, Surgutneftegas, Gazprom Neft and Gazprom. We suggest setting the minimal volume of oil sale on the stock exchange in Russia at 5% of oil extraction volume of each oil company but in total this volume is to make up not less than 4% of the entire oil extraction volume of all companies in Russia”, head of FAS for control in the Fuel and Energy sector, D. Makhonin, said.

The suggestion of FAS hasn’t been agreed with the Ministry of Energy, Mr. Makhonin said. This is our vision of the situation. We expect to receive the answer of the Ministry, he added.