SUBSCRIBER NOTE: Platts launches amended Russian domestic crude and products methodology

Effective Monday, January 4, 2016. Platts will launch an update of various Russian domestic crude and products assessment and netback methodologies.

Platts will start using the Russian central bank ruble/dollar exchange rate for all Russian crude oil and refined product assessments and netbacks and will align the publication of all of Russian domestic netbacks as per the UK publishing holiday.

Platts will use the Russian central bank ruble/dollar exchange rate as published for the assessment day, published to four decimal places, in the calculation of all Russian domestic netbacks, including crude oil and products.

For example, on February 3, Platts would use the official central bank rate as applicable for that date.

Platts previously used its own assessment of the ruble/dollar foreign exchange rate, based on the rate at 4:30 pm Moscow time for crude oil and at 4:30 pm London time for oil products.

Platts understands the Russian central bank exchange rate is used as a benchmark by the industry.

This change, therefore, brings the published netbacks for crude and products in line with market practice in Russia.

In order to reconcile the publication of its Russian netbacks, Platts will publish crude oil and refined product netbacks according to Platts London publishing schedule.

Previously, the refined product netbacks were published according to the Platts London holiday schedule, but the crude netbacks were published according to the national Russian holiday schedule.

Please send feedback and comments to europe_products@platts.com, europe_crude@platts.com and pricegroup@platts.com.

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Platts will consider all comments received and will make comments not marked as confidential available upon request.