In an effort to help push down prices, Russias antimonopoly agency has been encouraging finished lubricant marketers to trade on the St. Petersburg commodities exchange. Some industry sources doubt the initiative would be effective.
The Federal Antimonopoly Service began sending letters last fall to at least five large lube marketers, recommending they start trading lubricants on the St. Petersburg International Commodity Exchange, daily newspaper Izvestia reported. The list included Shell, Gazpromneft, Lukoil and Rosneft. The latter was reportedly the only company that has expressed intent to go along with the request, although Lube Report did not obtain confirmation by press time.