Shanghai Petroleum Exchange starts operation

Shanghai Petroleum Exchange, China’s first bourse for the spot transaction of oil products, formally opened on Friday.

The exchange, located in the Pudong New District, began trading in gasoline and will trade bitumen, methanol and glycol in the near future, said the bourse’s general manager Chen Zhenping.

Chen said the exchange will launch trading in other petroleum and chemical products in the future including crude and refined oil and liquefied gas.

Chen said his organization will adopt international oil trading practices and state-of-the-art transaction technologies to offer intermediary services on an efficient and low-cost trading platform.

People’s Daily Online