Latest News:  
Beijing   Overcast/Light rain    14 / 7 ℃  City Forecast


Beijing Petroleum Exchange starts fuel oil spot trading


08:27, November 30, 2012

BEIJING, Nov. 29 (Xinhua) -- Beijing Petroleum Exchange (BPE) Thursday launched its spot trading platform for fuel oil after nearly a year's market research and preparations.

To introduce the platform, the BPE has set up over 20 warehouses across China and traders can settle their accounts with the Industry and Commerce Bank of China, the Agricultural Bank of China, Bank of China, Huaxia Bank and China CITIC Bank, according to a statement on the BPE's website.

Wu Ruchuan, chairman of the BPE, said China's huge fuel oil trade volumes and the sector's market strength have created the basis of open trading.

In 2011, China's output of fuel oil, a kind of petroleum product that is burned for the generation of heat and power, amounted to 18.69 million tonnes, with apparent consumption at 33.1 million tonnes.

The newly-established platform will offer services to a range of market players in the industrial chain, including those engaged in imports, wholesale, trade, production and consumption, Wu said, describing the move as being "of great significance" for the internationalization of the fuel oil industry.

The BPE was established in 2008 as China's third petroleum exchange following those in Shanghai and Dalian. In the first 10 months of 2012, transactions via the exchange reached a valued of 71.4 billion yuan (11.35 billion U.S. dollars), and the full-year figure is expected to hit 100 billion yuan.

Recommended Features:
Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
The Vision of A Pillar Industry China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'?


Leave your comment0 comments

  1. Name


Selections for you

  1. Anti-aircraft artillery regiment in training

  2. Chinese navy fleet enters West Pacific

  3. Christmas is around the corner

  4. TCM preventive treatment of discease

  5. Death toll hits 11 in NE China capsizing

  6. Ice train to withstand extreme cold

  7. Sexy models pose for 2013 FC Barcelona Calendar

  8. Belgian Farmers Spray Milk At Police In Protest

Most Popular


  1. Obama's big test: averting "fiscal cliff"
  2. Commentary: Future money uncertainties
  3. Social progress in tolerance to ‘Nail Household’
  4. Preventing abuse of power in physical exam
  5. Will China run out of water by 2030?
  6. What’s behind pupils' bread and milk lunch?
  7. China's solar panel seeking revival at home
  8. Currency swaps to take on bigger role
  9. China's rise opportunity, rather than threat
  10. China's economy picking up steam

What’s happening in China

Memorial service held for China's fighter jet production head

  1. Official probed for drug gang links
  2. Change your name to 'Liu Xuemei'
  3. Billionaire quits political post
  4. Fired officials aided poachers
  5. Whistle-blower arrested for economic crimes