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The New York Mercantile Exchange, Inc. announced today that it will host Kirill Androsov, the Russian Federation Deputy Minister of Economic Development, and his guests, to ring the ceremonial opening bell for the light sweet crude oil futures market on October 20.
NYMEX plans to launch a Russian export blend crude oil (REBCO) futures contract on the CME Globex electronic trading platform, beginning on October 22 for trade date October 23.
Mr. Androsov and the ministry took a leading role in the development of the contract with NYMEX and its joint venture partner Expertica.
Other attendees will include Alexey Kuzmichev, a member of the board of directors of the Alfa Group, who helped introduce the contract to the Russian energy industry.
The contract will feature physical delivery of REBCO on a free–on–board basis at the port of Primorsk, Russia on the Baltic Sea and will be 1,000 barrels in size, denominated in U.S. dollars and cents per barrel.
