Exchange for piped gas and LNG opens
Print Edition
CHINA yesterday launched its first specific gas exchange in Shanghai to promote a market-oriented pricing mechanism and push forward a structural reform in the country’s energy sector.
The Shanghai Petroleum and Gas Exchange will initially focus on both piped gas and liquefied natural gas in its operation. The new exchange will complement the city’s existing Shanghai Petroleum Exchange in the trading of spot energy commodities in China.
Wang Baowei, deputy secretary-general of the National Development and Reform Commission, said yesterday that pricing of 40 percent of China’s natural gas is market-oriented.
The new exchange, approved by the municipal government at the end of 2014, comprises 10 shareholders, with Xinhua news agency holding the biggest stake of 30 percent.
“The move signifies Xinhua tapping the global capital market, a common practice among other global news agencies,” Yu Shaoliang, vice president of the agency, said at the opening ceremony yesterday.
“Xinhua will dedicate its advantages in information collection and analysis to China’s real economy, which will help transform the nation from a large energy production and consumption country to a real global energy power.”
Other shareholders include well-known gas and petroleum enterprises in the country, such as Sinopec and PetroChina. The NDRC and the National Energy Administration will oversee the new exchange.
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