The Tyumen Oil Company (TNK) together with other oil companies is planning to set up an oil product exchange in mid-2004, TNK Senior Vice President Alexander Blokh told journalists today. The announcement was made at an opening presentation of the company's electronic trade system for trading oil products. The system has been created in collaboration with EPAM Systems and Novell. The cost of the project amounted to less than $500,000 with a two-year payback period. According to Blokh, TNK is currently holding talks with several "friendly oil companies" on setting up an oil product exchange. The implementation of the project is expected to last 6 to 8 months and cost less than $1m, Blokh claimed.