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Chinese company buys pilot batch of rapeseed oil at Belarus’ commodity exchange

Photo courtesy of BUCE

MINSK, 11 January (BelTA) – A Chinese company has purchased the first batch of rapeseed oil at the Belarusian Universal Commodity Exchange (BUCE). The pilot batch amounted to 200 tonnes, BUCE Press Secretary Roman Yaniv told BelTA.

Previously, Chinese companies had purchased exclusively timber through the exchange. The deal was meant to pave the way for the supply of Belarusian rapeseed oil and other agricultural products to the Chinese market through the exchange. “Now rapeseed oil is one of the most popular commodity items among foreign participants of trading sessions. Last year alone, export transactions exceeded $40 million. Until now, European countries were the main sales markets. With a view to expanding the geography of sales, we invited potential buyers from China, one of which signed the deal. It is expected that after the execution of the first contract, purchases of rapeseed oil through the exchange will become regular, and their volumes will increase significantly,” Roman Yaniv said.

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.

As of 1 January, 4,936 foreign companies were accredited at BUCE, including 31 from China.

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