NYMEX and Expertica will form Russian Energy Futures, Ltd., to work together to market and promote the REBCO futures contract that will be traded on NYMEX Europe Limited in London and cleared by the NYMEX clearinghouse.
NYMEX President James E. Newsome said, "There has been an increased interest in establishing a crude oil benchmark in Russia. We look forward to working with Expertica on this new contract that will be based on Russian export crude and actual physical transactions. We believe this will create price transparency based on fair market-determined price."
Expertica Director Ian Kilpatrick said, "Expertica is delighted to be working with such a significant industry body as NYMEX on this positive development for the Russian energy industry. The REBCO contract will be fundamental to achieving optimum price discovery and price transparency for Russian crude oil exports. We think that the time is right for a new REBCO futures contract, and we are grateful to those who have supported us from both the Russian Government and the Russian energy industry, in particular Alexey Kousmichoff of Alfa-Group."
Roy Leighton, chairman of NYMEX Europe Limited, said, "We will work directly with the international oil industry to develop a contract that will become an essential tool for commerce, risk management, and price discovery."
