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Business news, 09.10.2006 13:08

Putin Suggests Creation of Oil Exchange in St. Petersburg

oil_exchange Russian President Vladimir Putin suggested creation of oil and oil product exchange in St. Petersburg. He made the suggestion on Saturday, Oct. 7, during his meeting with the governor of St. Petersburg Valentina Matvienko.

Speaking with Matvienko, Putin said that the Russian government has almost completed development of the concept for creation of such exchange in the country. The President added that his colleagues from Azerbaijan and Kazakhstan already expressed interest in this venture.

Putin said that the oil and oil product exchange can be located in St. Petersburg. I believe that it would be a landmark event for the whole of Russia and for St. Petersburg, Putin said, quoted by RIA Novosti.

The governor of St. Petersburg suggested that the new bourse could be located in the historical Stock Exchange building in the center of the city. At present time the building, which required restoration, is occupied by the Navy Museum, but the city authorities already began to consider the issue of moving the museum to a more modern building and reconstructing the Stock Exchange, which could then house the oil bourse.

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