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TATNEFT sells oil products at the SPIMEX online auction

TATNEFT sells oil products at the SPIMEX online auction

St. Petersburg, September 30 - Neftegaz.RU. TATNEFT began selling oil products in the online auction mode at the electronic platform of the St. Petersburg International Commodity Exchange (SPIMEX).

The 1st export sales in the online format took place on September 25, when the company sold 2 delivery lots of fuel produced by the TANECO refinery complex, 60,000 tonnes each.

TATNEFT has been using the services of the SPIMEX electronic platform since December 2019. Until now, the sale of crude oil and petroleum products has been carried out exclusively in the mode of request for offers. 

The complement of the standard procedures with the 2nd open stage of the online auction has increased the activity of bidders (44 steps have been taken to improve the price for the “Export grade process fuel” lot and 6 steps for the “RMD 80 marine fuel” lot) and significantly improved the offer received at the 1st stage of the procedure.

The online trading format has increased the efficiency of the open procedure and is also more convenient for remote transactions. The company plans to continue this practice. Currently, the system has posted another procedure in the new format, which provides for an open auction stage.

SPIMEX is the largest commodity exchange in Russia and organizes exchange trading in the markets of oil products, crude oil, gas, LPG, timber and building materials, mineral fertilizers, as well as the derivatives market. SPIMEX is implementing the task of creating a transparent mechanism for setting fair price assessment for Russian goods. The exchange was established in May 2008.