Exchange to help reform energy market
Print Edition
SHANGHAI Petroleum and Natural Gas Exchange, a national energy trading center, officially opened for business on Saturday, a step further toward China’s market-oriented reform of energy.
The center was created n March 2015, with 10 stakeholders, including Sinopec, CNPC and CNOOC. Trial operations started in July 2015. It is estimated that gas transactions at the center will exceed 15 billion cubic meters this year, accounting for about 8 percent of China’s total natural gas consumption.
Shanghai Mayor Yang Xiong noted that the new center would expand the city’s influence in the natural resources market.
China is experiencing profound changes in energy consumption pattern. The market share of clean and efficient natural gas is climbing rapidly.
Experts said the launch of SHPGX will help to accelerate the reform of natural gas prices by helping to create reasonable prices and promoting smooth allocation of the resource.
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