Russian PM signs ruling to launch oil, oil product exchange Aug 1

Russian Prime Minister Mikhail Fradkov has signed a ruling to begin trading in oil and oil products on a commodity exchange August 1, the government's press service said Friday.

The commodity exchange will be chosen by the Economic Development and Trade Ministry at a tender, according to the ruling.

Also, the government recommended that state-owned companies starting October 1 buy at least 15% of their annual demand for oil and oil products on the oil and oil product exchange.