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The question is only in the degree and dynamic of the liberalization. One of the primary stages of liberalizing the Russian natural gas market is the creation and the development of the stock trade of gas in the Russian Federation, which is the common interest of the gas producing companies and the end-consumers.

The prospective conclusion of long-term stock gas contracts will allow to secure the predictability of the development of the gas sector of the Russian economy, will create the fertile ground for investments in the gas branch, their conclusion will enable the use of the instruments of the hedging of the risks with the changing prices in the long-term period and will also offer other benefits.

Nevertheless, the issue of the formation of the stock trade in the natural gas is a complicated one. The hidden part is huge and ploughs the very bottom of the structure of our system of gas supply. However, in the last ten years the stock trade in the energy products has been actively developing in Europe in the last decades. The stock conducts the trades with futures and options for the electrical energy, the certificates for the CO 2 emissions and coal.

Starting in July , the EEX started to trade in the natural gas. At the time both the futures and the spot trades for the supply of the natural gas are being concluded at the exchange[7]. The beginnings of the process of the formation of the exchange gas trade in the Russian Federation dates back to , when the Government of the Russian Federation adopted the Resolution No. In accordance with the p. In the late , OOO Mezhregiongaz began to conduct the electronic trade in gas extracted by independent producers.

However, at that stage the share of the independent gas producers in the overall production of the natural gas was very small, thus the gas market as such was not impacted by the introduction of the electronic trade.

The gas market was fully identified with the OAO Gazprom, whose gas sales prices were single-handedly regulated by the state. The legal basis for that was the adoption of the Resolution of the Government of the Russian Federation No. However, a stringent quota was set.

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Namely, the yearly limit for the sales of the natural gas at the prices non-regulated by the state was set at 5 billion cubic meters[8]. In , a decision was made on the prolongation of the experiment until , and in December the Government of the Russian Federation adopted the Resolution No. The volumes of sales of the natural gas at the ETP in were not high.

In they amounted to 10 billion cubic meters, decreasing in to 6,09 billion[11]. The number of contacts concluded in the period of amounted to 3, However, the transfer was delayed as a result of multiple interministerial discussions until the year In , President of the Russian Federation D.

Medvedev authorized the resumption of the gas trade at the exchange. Foreseen was the conduction of parallel trading at the ETP and the commodity exchange. They believe that the main tasks of ETP should be the trade in the physical volumes of gas and for the exchange — the trade in futures and options with the possibility of supplying based on the will of the participants the physical volumes of gas when the contract is due[13]. The parallel launching of the gas trade both at the ETP and the commodity markets would be in line with the European experience.

However, this position was not shared by the Federal Bureau on the Financial Markets, which demanded that ETP be terminated and the trade went on only at the exchange. In this regulation, as in the Regulation of , the Government of the Russian Federation instituted a ban on exceeding the volume of the gas sold by Gazprom at the commodity markets over the volume of the natural gas sold at the commodity markets by the independent producers themselves[15].

The given regulation has replaced the right of Gazprom to trade at the ETP Mezhregiongaz with the sales of gas at the commodity markets. Moreover, the current resolution does not contain any concrete requirements to the commodity markets, where the trading will take place. The launching of gas trading has been delayed several times. It was largely due to the definition of the trading organizer. In , a decision was made on the prolongation of the experiment until , and in December the Government of the Russian Federation adopted the Resolution No.

The volumes of sales of the natural gas at the ETP in were not high. In they amounted to 10 billion cubic meters, decreasing in to 6,09 billion[11]. The number of contacts concluded in the period of amounted to 3, However, the transfer was delayed as a result of multiple interministerial discussions until the year In , President of the Russian Federation D. Medvedev authorized the resumption of the gas trade at the exchange. Foreseen was the conduction of parallel trading at the ETP and the commodity exchange. They believe that the main tasks of ETP should be the trade in the physical volumes of gas and for the exchange — the trade in futures and options with the possibility of supplying based on the will of the participants the physical volumes of gas when the contract is due[13].

The parallel launching of the gas trade both at the ETP and the commodity markets would be in line with the European experience. However, this position was not shared by the Federal Bureau on the Financial Markets, which demanded that ETP be terminated and the trade went on only at the exchange. In this regulation, as in the Regulation of , the Government of the Russian Federation instituted a ban on exceeding the volume of the gas sold by Gazprom at the commodity markets over the volume of the natural gas sold at the commodity markets by the independent producers themselves[15].

The given regulation has replaced the right of Gazprom to trade at the ETP Mezhregiongaz with the sales of gas at the commodity markets. Moreover, the current resolution does not contain any concrete requirements to the commodity markets, where the trading will take place. The launching of gas trading has been delayed several times.

It was largely due to the definition of the trading organizer. In order to launch the trading, the specialists of the Ministry of Energy and other bodies, jointly with the representatives of the gas mining companies and the Russian Gas Society, have worked out a Roadmap on launching the gas trading in the Russian Federation. Up to now, there remains a large number of hurdles apart from the mentioned above preventing the full-scale launching of the exchange trading.

Thus, for example, in order to conduct the spot trading, one should resolve the issue of the delivery of gas from the gas producing regions which are situated in the Siberia to the place of the conduction of the trading, the issues of the access to the gas infrastructure etc. Because of that, the mechanism of the exchange trading foreseen by the Regulation of the Government, has still not started to function in full. However, neither of them is currently conducting significant gas trading[16].

The exchange goods is allowed for the exchange trading after the adoption and coming into force of the respective Specification of the Exchange Commodity, adopted by the president of the Exchange or his deputy. Current there exist all the prerequisites for positively resolving the issue on restoring the trading of gas at the ETP. In this case, it will be required to introduce changes into the Regulation of the Government of the Russian Federation No.

It is most likely that the government will once again chose the way of introducing quotas on the volumes of gas sold by Gazprom and its affiliate persons at the electronic trading platform. The launching of trading in the physical volumes of gas at the ETP would allow avoiding a number of the above-mentioned problems, which are currently plaguing the commodity exchanges. However, the parallel functioning of both instruments of the price formation is in full correspondence with the experience of the European states.

The global gas market and the Russian gas branch: Zhurnal Rossiyskogo gazovogo obshhestva , , No.

A transit towards the market mechanisms of price formation at the Russian market of the natural gas means the application of Gazprom of such mechanisms, or more precisely the authorization by the state to Gazprom to use market mechanisms. Erich Schmidt Verlag, Berlin, , p. Code of Laws of the Russian Federation, , No. An introductory word of the conference moderator, the president of the Russian Gas Society Valeriy Yazev.