Requirements to sell petrochemical products on exchange in Russia come into effect

MOSCOW. March 3 (Interfax) - Requirements to sell petrochemical products on the commodities exchange went into effect in Russia on March 1 under a Federal Anti-monopoly Service (FAS) and Energy Ministry order registered earlier with the Justice Ministry.

Under the order, dominant companies on the market, including entities that are part of the same group as such companies, will have to sell the equivalent of at least 10% of their domestic sales in the past three years on the exchange.

The list of products includes petroleum ortho-xylene, petroleum toluene, and industrial synthetic styrene and phenol.

The FAS on Monday said that 183 tonnes of petroleum ortho-xylene, 123 tonnes of petroleum toluene, 44 tonnes of industrial synthetic styrene, and 516 tonnes of phenol were sold on the first trading day.

The FAS said earlier that the sale of petrochemicals on the exchange will make it possible to establish domestic market price indicators, as well as create an additional sales channel on digital platforms and give companies the opportunity to eliminate the risk of violating antimonopoly legislation.

The Energy Ministry said the inclusion of polymers in the list of petrochemical products for sale in exchange trading makes sense because this group of products is made for a separate segment of the market or consumer.