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Market Vectors launches Global Oil Refiners Index

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Hydrocarbon Engineering,

Market Vectors Index Solutions (MVIS) has launched the Market Vectors Global Oil Refiners Index (MVCRAK). The index expands the portfolio of Market Vectors hard assets indices, the majority of which are licensed to underlie exchange traded funds (ETFs) with currently approximately US$4.8 billion of assets invested.

MVCRAK is a pure play index that covers the global space of oil refinery companies provided they generate at least 50% of their revenues from crude oil refining. Products of these companies may include gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. The index coverage also includes companies operating in the marketing and distribution of such products as long as the refining process is performed in company owned refineries.

"The Global Oil Refiners Index complements our energy indices that currently cover a wide range of investment themes such as oil services and fracking as well as nuclear and solar energy. The new index adds value to our index line up, and to commodity investing, because it focuses on a segment of the oil market that other widely followed indices have neglected. The refining industry has, at times, performed differently than other sectors in the energy market. A financial product based on our index will be attractive to investors because it provides diversification within an energy portfolio,” said Lars Hamich, CEO of Market Vectors Index Solutions.

The Market Vectors Global Oil Refiners Index is weighted by free float market capitalisation and is calculated in US$ as a price and a total return net index. Capping factors are applied to avoid overweighting of single index companies. The index is reviewed quarterly.

Adapted from press release by Rosalie Starling

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