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29 February 2024, 19:55

New BUCE broker to enable centralized procurement for Belarus’ power engineering industry

Photo courtesy of Belarusian Universal Commodity Exchange
Photo courtesy of Belarusian Universal Commodity Exchange
MINSK, 29 February (BelTA) – A new broker of the Belarusian Universal Commodity Exchange (BUCE) will ensure centralized procurement for the power engineering industry of Belarus, the BUCE press service told BelTA.

In order to increase the effectiveness of procurement operations for Belarusian power engineering enterprises and expand the use of exchange trade, the Belarusian Universal Commodity Exchange has accredited a new broker – OAO Belenergosnabkomplekt. The Energy Ministry has authorized this organization to provide enterprises belonging to the industrial group Belenergo with resources for business operations as well as with materials and equipment for permanent construction, repairs, maintenance, and preventive measures in a centralized manner on a regular basis.

As a professional exchange trader OAO Belenergosnabkomplekt intends to assist power engineering enterprises with closing deals via BUCE as part of government procurement contracts and purchases using proprietary resources.

Energy Ministry enterprises regularly participate in exchange trade. They buy a broad range of goods they need for routine operations. Steel rebars, structural steel, cables and wires, electric equipment, special machines, and transport vehicles are in high demand. This is why the new broker intends to primarily focus on metal products, industrial goods, and consumer goods. The main task of the new broker is to consolidate the demand of power engineering enterprises for the sake of centralized purchases. Taking into account the scale of demand of the energy sector, the company will buy a lot. It will allow attracting major vendors to the commodity exchange and enabling a favorable competition environment, the BUCE press service noted.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

At present 58 exchange brokers are accredited with BUCE, including 20 non-residents from eight countries. In 2023 the brokers accounted for 23% of BUCE’s total trade turnover.

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