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Gazprom Neft Becomes SPIMEX Guaranteed Supplier

Source: www.gulfoilandgas.com 6/20/2012, Location: Asia

Gazprom Neft has received a guaranteed supplier status on the Petroleum Products forward market of SPIMEX (St. Petersburg International Mercantile Exchange). It will guarantee supplies of summer diesel fuel under the futures contracts.

As a guaranteed supplier, a guarantor of the physical delivery of products, Gazprom Neft will perform the delivery of products in case one of the participants fails to fulfill its obligations at the futures close-out on the last trading day. Being the guaranteed supplier, Gazprom Neft will ensure the physical delivery in case of imbalance in sold and purchased futures volumes. Gazprom Neft is currently the only company that has obtained such status at SPIMEX.

Introducing the first guaranteed supplier to St. Petersburg International Mercantile Exchange will let SPIMEX develop the derivatives market and intensify petroleum products futures trading.

The obligations under the futures contracts at the SPIMEX derivatives market are currently secured by the guarantee system and the central counterparty. The presence of an acting guaranteed supplier would help to substantially increase liquidity of the derivatives market by attracting additional groups of participants from both end-users of petroleum products, and financial market participants.

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