The St. Petersburg raw material and commodity exchange will start operating in May, the Russian premier said on Thursday.

Russian President Vladimir Putin said in his state of the nation address to parliament in 2006 that Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products in rubles.

"I have given my instructions and in May the raw material and commodity exchange will start its operations," Viktor Zubkov told a governmental meeting.

Zubkov said the Russian government would provide incentives for companies willing to be among the first to enter the St. Petersburg raw material and commodity exchange.

News source: RIA Novosti
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