SUBSCRIBER NOTE: Platts launches full calendar month Russian domestic crude netbacks

Effective January 4, 2016, Platts launches a series of new Russian domestic crude netbacks which reflect the Russian crude export duty on the basis of a calendar month.

The full calendar month assessments are in line with the prevailing practice for formula-based contracts.

From that date, Platts will be publishing netback values for Urals crude oil, FIP at the Surgut supply point in Western Siberia, as well as netback values for 10 other delivery points inside Russia based on the pipeline tariff differential versus Surgut. In addition to the Surgut netback, Platts will publish netback values for Moscow, Nizhnevartovsk, Samara, Volgograd, Novorossiisk, Nizhniy Novgorod, Ryazan, Ufa, Yaroslavl and Primorsk.

The primary Surgut netback value is derived by subtracting local transportation and trans-shipment costs as per the existing netback, but the export duty will be applied over the course of the corresponding calendar month.

Platts will continue to publish its current crude netbacks, which start reflecting the export duty for the following month as soon as it is announced by Russia's finance ministry and which are followed as a gage on the spot trading market.

Effective January 4, 2016, Platts is re-labelling these existing crude netback assessments to "Mid-month export duty applied" under the existing header of "Russian domestic crude oil assessments and netbacks (Rb/mt)." Platts labels the new calendar month netback assessments as "Full calendar month export duty applied" under the same existing header of "Russian domestic crude oil assessments and netbacks (Rb/mt)."

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