Companies from Europe, the United States, Asia, Australia, and some African countries have expressed interest in Urals crude export futures, Deputy Economic Development Minister of Russia Nikolai Podguzov said at a presentation of the project in London on November 8, 2016.

Deputy Minister Podguzov said that in preparation to launch the contract, the Economy Ministry had sent out requests to assess the level of interest in the project to Russian trade representations in 37 countries. “As of today, not only European companies, but also companies from the United States, China, India, Australia, and the African continent have expressed an interest in the project,” he said.

“International holding companies, such as Sinopec, MOL, as well as various units of Shell and Societe Generale, have made requests to the trade missions for coordinating with the exchange and for information about the project,” he said. Once sufficient liquidity has been achieved, the Economy Ministry thinks it will be possible to peg taxation in the oil sector and customs export duties on oil to Urals futures quotes. The quotes might also be used when drafting Russia’s macroeconomic forecast.

The launch of a deliverable futures contract for Urals export crude is planned for the last week of November. The contract will be launched on the basis of FOB Primorsk with quotes in dollars.

The project should make a direct quotation for Russian oil possible, uncoupling the Russian crude from other blends.