"There is a possibility of shifting from Urals to REBCO in [calculating] mineral extraction tax and export duties in 2008, and of making REBCO Russia's price index," Kirill Androsov told a news conference.
Earlier on Monday, Economics Minister German Gref announced plans to launch REBCO futures on the New York Stock Exchange on October 20.
"We plan to launch Russian REBCO futures on the New York Stock Exchange from October 20 under an agreement with the NYSE," Gref said, adding that trade in futures contracts for Russian oil would eventually be transferred to Russian floors.
Androsov said the price of REBCO, to be pumped into Europe via Baltic pipelines, should be higher than that of Urals, generally priced at a $5-6/bbl discount to Brent.
"In terms of sulfur content and viscosity, this blend meets requirements of refineries in Western and Eastern Europe."
He said REBCO will also appear on CME GLOBEX, operated jointly by the NYSE and the Chicago Mercantile Exchange, on October 22.
Speaking of the Russian government's plans to launch a domestic oil derivatives exchange by the year's end, Androsov said a corresponding resolution, currently in the making, will oblige state-owned companies to make at least 25% of their annual refined oil purchases on that market.
The lower limit "has to be high enough to motivate sellers and buyers," he explained.
President Vladimir Putin said in his state-of-the-nation address on May 10 that Russia, as a leading oil exporting nation, should set up domestic markets to trade crude oil and derivatives in the national currency, the ruble.
