Russia officially invited to Iran to sell part of oil produced in that country of oil on the commodity exchange in St. Petersburg. That was reported by RIA Novosti with reference to the statement by Minister of Energy of Russia Sergei Shmatko. According to a source of news, Iran has promised to consider this proposal.
The Government of Russia has repeatedly advocated for the diversification of world oil market. Now there are two major oil trade center: NYMEX Exchange in the U.S. and ICE in London. On both exchanges, trades are conducted in dollars.
Recall that the Government has for several years, created a commodity exchange in St. Petersburg. Originally planned that it will open in 2007, but was only registered stock exchange in April 2008. The first real bid on it took place in September.
The government believes that the exchange can be traded up to 10 percent of oil and oil products in Russia, but sales volumes of the exchange in St. Petersburg insignificant.
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