Russian oil to go on Hungarian bourse
Monday, October 17, 2005, 14:15
The Russian government announced that it authorized trading of Russian oil at the New York and Budapest Stock Exchanges, Russian Finance Minister Alexei Kudrin told his US colleague at the G20 meeting at the weekend, daily Magyar Hírlap reported. The heads of Budapest Stock Exchange (BÉT) and New York Exchange agreed on closer cooperation in April. Since then a joint team, including commodity exchange people, has been working on oil bourse, the main issue of the cooperation. It is the first time standardized trade of Ural type crude oil will be pursued. The Russian Finance Ministry reckons that it will take 3-5 months to launch actual trading, an official told daily Magyar Hírlap. The project is coordinated by the American bourse, with no direct link between the Russian and Hungarian parties. The Ural crude will be traded in dollar.