* Proposed EU oil bourse to trade physical delivery contracts
* EU oil bourse to help importers negotiate with producers
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MILAN, Feb 1 (Reuters) - Italy said on Tuesday it has drafted a plan for a regulated European oil bourse, part of Europe's efforts to rein in speculative trade and price volatility as commodities prices surge.
The project, to be presented soon to the European Energy Council, proposes a regulated EU market for trade in standardised long and very long term contracts with physical delivery in Europe, Italy's Industry Ministry said.
The EU oil bourse would be open to selected operators and run by a trusted central counterparty, the ministry said in a statement.
"The European oil bourse project aims to promote the transformation of the existing market of paper barrels into a market of real barrels ... a shield to rein in excessive price volatility and protect consumers," Alessandro Ortis, outgoing chairman of Italy's energy regulator AEEG said in the statement.
Brent crude futures
The European oil bourse would help consumer countries in negotiations with producing countries, Industry Undersecretary Stefano Saglia said in the statement.
"We need ... to govern the market and not leave it to financial forces, the very ones that provoked the crisis, " Saglia said.
The statement made no specific reference to crude oil or refined oil products. (Reporting by Svetlana Kovalyova)