Legion Oil & Gas LLC has prolonged its broker’s slot on the GTSBT exchange (https://www.exchange.gov.tm/) for the next year. The State Commodity Exchange of Turkmenistan is the most significant economic institution of the country, which serves as the main body of state regulation of export-import operations.
In addition to the annual fee for the brokerage seat, this year the Government of Turkmenistan decided to increase the mandatory deposit for traders by 3 times!
Over the last 2 years, the number of buyers who concluded transactions on the GTSBT has fallen by almost 40%, which is explained by:
- Tougher requirements to export the product within the contractual timeframe
- Increased penalties for non-compliance on the part of buyers with their obligations
- Continued difficulties in doing business in Turkmenistan
- Volatility of regional commodity markets
Yury Burenko, CEO of the company, comments as follows: “We appreciate the new exchange rules. We believe it will create the best conditions for local producers and institutional market players”.
Exchange trading on the Turkmenistan Exchange has always been conducted on the following principles: publicity and transparency of exchange trading, freedom of price formation on exchange trading and equality of conditions for participants in exchange trading and Legion Oil & Gas LLC is committed to meeting these principles from our side.
Currently, domestic products are traded on exchanges and exported to more than 40 countries, including Turkey, China, UAE, Germany, USA, UK, Ukraine and Switzerland. The main export items are oil products, cotton-fibre, products of the domestic textile industry and the chemical industry.
Legion Oil & Gas LLC itself specializes on niche petroleum products as well as sustainable commodities.
