Transnefteproduct President Sergei Maslov has resigned as head of the company so that he can fully focus on his job as head of the St. Petersburg International Commodities Exchange, Transnefteproduct press secretary Timur Khakimov told Interfax.
"This is a planned resignation. Sergei Maslov moved to the exchange in order to fully concentrate on the opening and operations of the exchange. This is a big, complicated project that is important for the country in both an economic and political sense," he said.
Transnefteproduct first vice president Vladimir Karamanov has been appointed acting president of the company.
The St. Petersburg International Commodities Exchange was licensed on May 28. Its share capital is 750 million rubles. Founders include Transneft (RTS: TRNF), Transnefteproduct, Rosneft (RTS: ROSN), Gazprom Neft (RTS: SIBN), Zarubezhneft, Surgutneftegas (RTS: SNGS), major trading companies and transport companies, Sovcomflot, Russian Railways
(RZD) (RTS: RZHD), VTB Bank (RTS: VTBR), Sberbank (RTS: SBER) and Gazprombank.
Daily trading in petroleum products began on September 23.