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DownstreamAlmost all of our sales are made via trading on exchanges, with the remaining revenues being earned from participation in tenders to supply large companies, including airports and power stations. Whilst we prioritize servicing the Russian market, the gasoline, jet fuel, diesel and both motor and heating oil derived from the petroleum we produce may also be exported, with an amount transferred and sold to entities located in both Northern Europe and ports on the Black Sea. This, however, was considerably expanded in 2019, when Rusneftegaz began its first foray into the business of global commodities trading, establishing ourselves as a reliable supplier of crude oil and petroleum products to both domestic and foreign customers. This operation started when Rusneftegaz opened an international trading in New York, which acts as the sole vendor of our products outside Russia. The single operation, which retains our corporate branding, aims to strengthen our global presence and accelerate our ongoing expansion into new markets, including Africa, the Asian-Pacific and both North and South America. Assigning our international trading operations to a single office has also simplified and optimized workflows, whilst ensuring accountability, efficiency, and transparency. This undertaking also allows us to maximize the value of our petroleum production program via comprehensive sales, shipping and storage strategies, whilst also retaining flexibility in our ability to supply, and undertaking effective hedging to both mitigate the effects of and speculate on fluctuations in commodity prices.
Preceding the commencement of this particular venture, we sold and delivered the goods we extracted to refiners and exporters within the vicinity of the loading port. However, a monumental shift in market dynamics now means that Rusneftegaz has the capacity to supply any industry in all corners of the world. Under the new program, our trading hub in New York has the capability to take control of the crude derived from the Timan-Pechora basin, and can utilize the pipeline system controlled by Transneft to relocate products to major ports, including Novorossiysk, Primorsk, and Ust-Luga, on our behalf. Similarly, Rusneftegaz also undertakes more entrepreneurial business by purchasing discounted petroleum from third parties and remarketing the acquired product for an increased margin. We manage to make incremental gains on our procured fuels, thus ensuring greater profitability, through effective supply chain management, maintaining strong working relationships with our contemporaries and by increasing trade volumes.
Value can also be increased through the minimization of costs, maintaining effective logistics and via blending. Therefore, as a rapidly growing trader of petroleum, Rusneftegaz has been able to facilitate this through numerous partnerships and agreements with worldwide commercial operators, ultimately to expedite execution and delivery. These companies are ultimately responsible for the fulfillment of our contractual arrangements, operating the barges, railways, terminals, and vessels necessary to transport our oil products to their destinations. Rusneftegaz also collaborates with other firms to resolve legal, tax and other financial issues, maintain high safety standards and to inspect product quality. In the long term, we view the integration of these services into our own business as a vital modicum to reduce costs further, and are currently devising long-term strategies to expand our trading operation. This involves leasing additional tank storage and deploying a larger number of our own road tankers, rail wagons and sea-faring vessels. With additional financial resources, Rusneftegaz will be able to transport and trade greater quantities of goods, whilst also expanding control of our business from initial extraction to seamless transfer in an international port. The enlargement of our trading operation will be enabled by our team of experts, who are engaged all hours of the day with our aforementioned partners to fulfil our contractual duties almost every day of the year. These personnel are also entrusted to uphold the highest standards of corporate ethics and promote transparency in our operations.
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