Orenburg Oblast companies considering transit transactions via Belarus’ commodity exchange
An archive photo
MINSK, 23 September (BelTA) – During a visit to the central office of the Belarusian Universal Commodity Exchange (BUCE) a number of company heads from Orenburg Oblast, Russia, have showed interest in using BUCE to penetrate the markets of near and distant countries, BUCE Press Secretary Roman Yaniv told BelTA.
In particular, South Ural Plant of Magnesium Compounds (the largest producer of magnesium sulfate 7-water in Russia) is considering a possibility of selling its entire assortment through BUCE. Ukraine is the most likely sales market for this commodity, Indeed, it is in the top five countries with the biggest number of companies accredited at BUCE.
Andrei Novikov, First Deputy Chairman of the Board of BUCE, pledged assistance to the Orenburg-based enterprise with selling magnesium sulfate to third countries, especially since the exchange has already amassed significant experience of conducting such deals with Russian companies.
“Almost 350 companies from Ukraine are accredited at BUCE, including some of the country’s biggest agricultural enterprises. However, in my opinion, we should also look beyond this market. We are highly likely to be able to find buyers for your products in other countries, too. We have run such deals before. In addition to that, Russian companies are now among the most active ones in terms of transit transactions – in January-August 2021, such transactions amounted to $5.5 million,” Andrei Novikov said.
The visit was arranged at the initiative of the Trade Mission of the Russian Federation in Belarus and the Export Support Center of Orenburg Oblast.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.