Financial and Price Risk Management for Oil & Gas Producers and Consumers - V Annual international forum 25 - 26 September 2008, Moscow, Russia

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V INTERNATIONAL FORUM

Financial and Price Risk Management for Oil & Gas Producers and Consumers

25–26 September 2008, Marriott Grand Hotel, Moscow, Russia

An effective financial and price risk management system in oil & gas companies and traders enables them to use in-house and debt financing more efficiently thus raising manageability, stability, profitability and competitiveness of their business.

Using case studies the Forum will cover virtually the entire scope of possible financial risks borne by exporters and consumers of oil, gas, and refined products – first and foremost price risks – as well as inflation, interest rates, liquidity, direct financial losses, default risks, and credit risks of bankers. The conference is designed for top managers, risk managers, traders, analysts, and specialists in the field of financial management of oil companies, and representatives of banks, investment funds, hedge funds managing assets of their clients, brokers and insurance firms.

DAY I. SEPTEMBER 24, 2008 (Wednesday)

Introduction to Price Risk Management

On the 24th of September a FREE 1-day workshop ‘INTRODUCTION TO PRICE RISK MANAGEMENT’ will take place. It will focus on and detail key hedging instruments and basic trading techniques used to manage price risks in crude, gas and petroleum products trading. The workshop is designed for practitioners with considerable experience in this area and is run by a legendary lecturer Konstantin Babourine – Vice-President, Morgan Stanley

The workshop is prepared by the General sponsor – Morgan Stanley

DAY II. SEPTEMBER 25, 2008 (Thursday)

Session I. Establishing the system of financial and price risk management in oil and trading companies

10:00-10:25 Current situation and development trends in financial risk management in the CIS and globally
Roman Gorunov – President, Russian Trading System Stock Exchange

10:25-10:50 Enterprise-Wide Risk Management including price risk management. StatoilHydro’s experience
Rune Nilsen – Risk Manager, StatoilHydro

10:50-11:15 How to use ERM results in key decision making processes
Tibor Papp– Group Risk Manager, Mol Hungarian Oil & Gas

11:15-11:45 Coffee Break

11:45-12:10 Risk Management vs. Risk control
Menke Ubbens – Corporate Chief Risk Officer, Essent Energy Trading

12:10-12:35 The lesson learnt with Societe Generale. Case studies and systems for identification of financial abuse by employees and partners – tracking financial transactions, indicators of errors and corrupt practices
Jean-Christophe Bories - General Director, Riskalis Consulting

12:40-14:00 Lunch

Session II: Latest trends in price risk management in Russia

14:00-14:25 Latest trends in derivatives application
Konstantin Babourine - Vice-President, Morgan Stanley

14:25-14:50 Petrocurrency Russian Rouble: How to sell oil for roubles
Igor Suzdaltsev – Department Head, Financial Instruments, OTP Bank

14:50-15:15 Transparency of domestic market prices. Monopolisation of the market. Is there a need in Russian energy derivatives nominated in roubles?

15:15-15:45 Coffee break

The possibility of pricing and hedging oil in EURO: the European Petroleum Exchange
Ludovic Saverys - Managing Director, European Petroleum Exchange

16:10-16:30 Discussion: Will Russia be able to overcome its dependency on Brent prices and when? What could drive up the liquidity of Russian exchanges and level of activity of their players?

Session III: Credit risks of bankers

16:30-16:55 Do banks like your risks? 
Victoria Bikeyeva – Head of Department, GazPromBank

16:55-17:20 Risks vs. risk mitigators in financing oil trading:bank's perspective
Daniel Seregin - Manager, Energy Commodity Markets, Fortis Bank  

17:20-17:40 Discussion: Current shrinkage of credit lines and striking the balance between requirements of banks and appetites of traders

18:00-20:00 Cocktail-reception

DAY III: SEPTEMBER 26, 2008 (Friday)

Session IV: Practical guidelines and case studies of price risk management

10:00-10:25 Oil Bubble – momentum, greed, delusion, despair
Semen Morozov – Risk Manager, PNT-GSM

10:25-10:50 TNK-BP experience in price risk management
Trym Nordhus – Director, Crude Oil Sales, TNK-BP

10:50-11:15 Practical aspects of hedging on Forex
Svetlana Velikanova - Deputy Director, Clients relations dapartments, Morgan Stanley

11:15-11:45 Coffee Break

11:45-12:10 Gazprom Neft’s experience in currency risk management
Sergey Khvorostov – Head economist, Gazprom Neft

12:10-12:35 LITASCO experience of risk management on international markets
Alessandro Mauro – Risk Manager, LITASCO

12:40-14:00 Lunch

14:00-14:25 Hedging startegies for refineries
Speaker to be confirmed

14:25-14:50 Quantifying the fuel price volatility and determining its impact on the metal price. Effects of historical energy prices on profits of metals and mining industry
Speaker to be confirmed

14:50-15:15 Hedging fuel prices for metal produstion. European and Russian experience
Vyacheslav Mischenko - Director, Business Development (Russia and CIS), Pace Global Energy Services

15:15-15:45 Coffee Break

15:45-16:10 Mitigating the price risk: Hedging strategies (case studies)
Speaker to be confirmed

16:10-16:35 Prise risk management for airlines
Anna Mikhailova– Projects Director, ‘Airports Fuel Supply’ Trading House

16:35-17:00 Tax implications of hedging operations
Vladimir Vinogradov – General Manager, Pricewaterhousecooper

17:00-17:25 The possibility of making profit on crude oil and products derivatives market
Konstantin Kuteinikov - Head of spot markets daepartment, OLMA Investment Company

Discussion: Delegates’ practices and experience of their companies in interfacing Russian tax authorities on issues of price risk hedging

Forum’s closing

Attention! Register before the 12th of September and get FREE PARTICIPATION in the workshop
"Introduction to Price Risk Management". The participation fee after 12th of September is 650£. Please note the number of attendies is limited!!

PARTICIPATION FEES AND CONDITIONS:

Participation fee is £780 and includes:

• Participation in the Forum
• Participation in the Workshop " Introduction to Price Risk Management" (leading by Konstantin Babourine)
• Handout materials with presentations
• Simultaneous translation (English/Russian)
• Lunches and coffee-breaks
• Certificate

Glossary

Risk management is a way to modify and control the risk profile of a firm’s cash flows.This allows Management to adjust their exposure to specific risks, depending on their appetite for those risks.

Oil trading – a trade of oil and oil products.

Hedge - the reduction of risk by covering anticipated commitments at a fixed price in the future through a futures or options contract. Buyers and sellers can hedge.

Derivatives – financial instruments that reflect value of an underlying commodity in the future.