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BIZCHINA / Center

Second petroleum exchange opens in Dalian

By Hao Zhou (chinadaily.com.cn)
Updated: 2007-07-26 10:20

The Chinese mainland's second petroleum exchange began trading on
Wednesday in Dalian, a port city seated at the south end of Liaoning
Province.

The Dalian Petroleum Exchange, which combines both conventional and
modern electronic trading means, will mainly deal with spot transactions
of fuel oil, bitumen and petrochemical products, said Zhou Peiliang, the
general manager of the exchange.

Zhou added the exchange also involves systematic intermediary services
such as information publication, business consultation, and goods storage.

The newly opened exchange includes over 150 member enterprises from its
predecessor, the petrochemicals market in Dalian Free Trade Zone, the
largest in northern China.

The exchange's annual trading volume would exceed 10 billion yuan (US$1.3
billion), according to Zhou.

The Shanghai Petroleum Exchange, the first exchange for trade in oil
products on the Chinese mainland, opened on August 18 last year. The new
Dalian Exchange was set up on December 25 last year with a registered
capital of 10 million yuan.

(For more biz stories, please visit Industry Updates)

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