the participation of the Gazprom Group entities has been systemically important for the organized gas exchange trading activities at the St. Petersburg International Mercantile Exchange SPIMEX since the launch of said trading in 2014. The Group offers the bulk of the gas available for purchase at the Exchange and is responsible that all gas sold at SPIMEX is transmitted to consumers.
In addition, Gazprom and SPIMEX carry out joint work on the development of gas exchange trading, which includes, inter alia, the efforts towards the enhancement of the metering system used in gas supplies and the application of new trading formats and instruments.
In order to further increase the gas exchange market liquidity, the Group will continue to permanently participate in organized trading. The volumes of exchange trade will be determined with due consideration of the limits established by the law, season-related possibilities of the resource base and the Group's gas transmission system, and economic benefit principles. The Company will also take part in improving the legislative framework.
The Management Committee was instructed to continue their work on developing the exchange trading system for natural gas.
Exchange gas trading at SPIMEX has been conducted since 2014; the gas sold at the Exchange is consumed in 48 constituent entities of the Russian Federation.