Swiss based commodities trader Crown Resources has joined forces with Russian media group Interfax Information Services to set up Oil-on-line.com. The oil industry information resource will be live within a few months, with a trading platform operational by the end of the year.
The project will be initially capitalised at £2 million. Crown Resources and Interfax will provide the initial management and staffing.
Anticipated turnover for the first year after the start-up is estimated at US$2 billion. The company expects to sign up several key players who will also take up equity positions.
Earlier this year the Interfax Group joined with Gasprom and UK metals trader, Mddlesex Holdings, as shareholders in Europe Steel.com, - a new venture for trading steel.