Thursday, November 15, 2018
News

Shanghai exchange approves bonded storage zones ahead of crude futures launch

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

BEIJING | Wednesday, Feb 14 2018 IST
The Shanghai International Energy Exchange (INE) said on Wednesday it had approved the use of six bonded storage warehouses at eight locations in China, ahead of the launch of its crude oil futures contract next month.

The storage capacity across the eight listed locations totals 5.95 million cubic meters, according to an INE statement, although the exchange will use only 3.15 million cubic meters of capacity, equivalent to 19.8 million barrels.

The eight locations include sites owned by PetroChina in Dalian, in the northeastern province of Liaoning, Zhanjiang in the southern province of Guangdong, and Ningbo in the eastern province of Zhejiang.

The bonded warehouses, where oil is stored until import duties are paid or until it is re-exported, are the INE's designated delivery locations for its crude futures contracts. Six crude grades can be delivered on the INE, including five from the Middle East.

Two further storage sites are owned by Sinopec, in Shandong and Zhejiang, another by Sinochem in Zhoushan. The remaining two sites are in Qingdao, in Shandong, and in Yangshan in Zhejiang.

The three back-up warehouses included one owned by China National Offshore Oil Corp in Yantai, Shandong, as well as another site in Dalian and one in Yingkou, also in Liaoning.

After years of delays, the China Securities Regulatory Commission (CSRC) announced last week that China's oil futures contract would start trading on March 26.

In a separate statement, the INE named four firms that had been approved to inspect the crude delivered into the bonded warehouses.

The companies are China Certification & Inspection Group Inspection Co Ltd., SGS-CSTC Standards Technical Services Co Ltd, Shanghai Orient Intertek Testing Services Co Ltd and the Technical Center for Industrial Product and Raw Material Inspection and Testing at the Shanghai Entry-Exit Inspection and Quarantine Bureau.

REUTERS AS1525

-- (Reuters) -- C-1-1-DL0386-1249774.Xml

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE ASIA NEWS
China closely monitoring crisis in Sri L...
Bangladesh opposition supporters clash w...
Leads in all terror probes point to one ...
Russia slams US official's remarks on Af...
CFA denies rumors of Chinese Super Leagu...
Sri Lanka Parliament passes no-confidenc...
More...
 
INDIA WORLD ASIA
J&K Govt to build residential complexes ...
Rafale probe will expose PM Modi, Anil A...
Temple will be constructed where Ram was...
Was trying to wary people of BJP's disru...
Sinha, Shourie, Bhushan seek CBI probe i...
IT sleuths conduct surveys at fish trade...
More...    
 
 Top Stories
Leopard killed in road accident in ... 
Decomposed body found in water tank... 
TRS announces third list of 10 can... 
New police chiefs in Ghaziabad, Sah... 
NC bats for positioning Durbar in S... 
J&K Guv directs for making new Medi... 
Nettlinx Q2 total income up by 71 ... 
J&K Govt to build residential compl...