Русский
The St. Petersburg International Mercantile Exchange (SPIMEX) and Pakistan-based KMAK Group have signed a memorandum of understanding on the development of exchange trading, SPIMEX has stated, following a meeting of the Russia-Pakistan Intergovernmental Commission for trade and investment.
SPIMEX stated that “Wheat is being considered as the Russian export commodity for the first transactions, and rice is being considered as the Pakistani import commodity. In addition, energy resources, other agricultural products, mineral fertilizers, forest products, and primary metallurgical products are interesting as potential exchange commodities for Russia-Pakistan cross-border trading.”
SPIMEX vice president Dmitry Chernyshev added, “The St. Petersburg exchange expects to become a channel for stable supplies of raw materials and products of Russian and Pakistani origin, establishing a foundation for settlements in national currencies.”
Pakistan’s KMAK Group is now going through the accreditation process on SPIMEX. It will take the role of non-resident broker for representing the interests of Pakistani businesses with which exchange transactions are expected to be made.
SPIMEX organizes exchange trading for oil products, crude oil, petrochemicals, natural gas, LPG, metals, forest products and construction materials, mineral fertilizers and agricultural commodities, as well as derivatives.
KMAK Group is an international conglomerate that works in key sectors of the economy, including real estate, construction, infrastructure development, mining, agriculture, and international trade. The group operates in South and Southeast Asia, the Middle East, North America, and Africa.
Pakistani businesses have also been discussing the conclusion of cross-border transactions on the Russian exchange and their execution with pertinent Russian and Pakistani financial authorities.
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