Trade hub eyes ‘global influence’ in pricing
Print Edition
SHANGHAI will set up an oil and natural gas trading center, possibly in the city’s pilot free trade zone, to gain a “global influence” in energy resources pricing in the global markets.
The center, funded by 10 investors, aims to build itself into a trading hub with “global influence” that can efficiently meet national needs, said a statement on the website of the city government.
The center will initially conduct spot sales and provide related services before focusing on developing a specific trading mechanism for natural gas to build itself into a significant trading and pricing hub in the Asia-Pacific region. It is hoped the center will enhance Asia’s power in pricing of energy resources.
The new center may be sited in the free trade zone which unveiled plans in October for spot trading of commodities including energy products. The center is part of the city’s goal to set up eight global trading platforms in the FTZ in 2015.
The center is a joint effort by the National Development and Reform Commission, the National Energy Administration and the Shanghai city government.
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