Training is provided under the Agreement of advisory support and information exchange, signed by the Federal state-run company Central Control Office of the Fuel and Energy Complex (CCO FEC) of the RF Energy Ministry and the London International Petroleum Exchange in November 2002 in London.
The training program consists of five specialized courses to be run in 2003. The previous specialized course in "International energy markets" was given in March 2003. The RF Energy Ministry intends to run three more courses for fuel and energy specialists:
- exchange derivatives markets (17-19 September),
- over-the-counter derivatives markets (16-18 October),
- trade in gas (11-13 December).
According to Mikhail Khasanov, Deputy Head of the RF Energy Ministry's Department for Economic Regulation, the implementation of the program will help to raise the professional level Russian oil specialists and master the techniques of the oil products derivatives market, which is very important for the formation of an effective and transparent exchange market in Russia. He noted that the RF Energy welcomes the MICEX efforts to create an organized market of oil and oil products.
According to Confidence UK's Director Andrei Rudenko, the June course focuses on such important aspects of international trade in oil products as the overview of refineries' configurations, the volume and the value of refineries' stores, the evaluation of crude oil, the formation of prices for European oil products, price indicators, Platts' methodology of price setting for oil and oil products, the costs of freight and transportation, the concluding of contracts and operating procedures, the use of derivatives in oil processing and trade in oil products, risk management in oil processing and the review of the regional markets of Europe, Asia and the USA.
