Business news

BUCE accredits first broker from Estonia

MINSK, 1 March (BelTA) – The first broker from Estonia, Weheat OU, has been accredited with the Belarusian Universal Commodity Exchange (BUCE). The ceremony to present the non-resident exchange broker certificate took place at the BUCE central office on 1 March, BelTA learned from BUCE Spokesman Roman Yaniv.

Weheat OU specializes in selling wood chips and pellets for the energy sector. With the status of an exchange broker, the company plans to attract buyers of timber products from the Baltic states, Poland, Germany and Scandinavia to the exchange trade, and also to inform the European business community about the advantages of using the exchange mechanism for entering the market of Belarus. Plans are in place for Weheat OU to organize regular deliveries of Belarusian pellets to the European Union, the production volume of which should reach about 500,000 tonnes by the end of this year, the BUCE said.

“The demand for green energy in Europe is very high, and it seems to be a long-term trend. Therefore, the market for renewable fuels will dynamically grow and develop. In this regard, Belarusian exporters of pellets have a good opportunity to enter the European Union with their products and occupy a certain niche there. As an exchange broker, we will support this in every way possible,” stressed Maksim Yasinsky, head of Weheat OU representative office in Belarus.

Chairman of the Board of the Belarusian Universal Commodity Exchange Aleksandr Osmolovsky suggested the Estonian company to consider trading other groups of goods available on the exchange.

“More than 3,000 commodity positions are traded on the exchange, and if you were only buying pellets and wood chips, you would only be using a small fraction of the wide opportunities our platform offers. That is why I suggest you to try your forces in other commodity areas in the near future. For example, Belarusian rapeseed oil and beet pulp are in high demand abroad. In January-February alone the export of these products to Europe exceeded $13 million. I am confident that your experience and business ties will help us use the potential of all the trading sections of the Universal Commodity Exchange," Aleksandr Osmolovsky said when presenting Weheat OU representative with the certificate of an exchange broker.

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