OREANDA-NEWS. August 30, 2013. In 2014, the annual turnover of the Xiamen Petroleum Exchange Center will amount to more than 15 billion yuan (USD 2.45 billion) and attract over 400 companies, greatly influencing the petroleum pricing system in China.

The Xiamen Petroleum Exchange Center lays equal emphasis on spot transactions and online transactions, which will vigorously boosts its annual turnover.
 
The Xiamen Petroleum Exchange Center lays equal emphasis on spot transactions and online transactions, which greatly influences petroleum trading in China. The Xiamen Petroleum Exchange Center took the initiative to arrange a press conference on July 27 to introduce 93 gasoline transactions that have gone online. This is the first online transaction system concerning refined oil products in China. Relevant information about this particular system has already been released in Haicang.
 
In June 2010, the Xiamen Petroleum Exchange Center was officially established in Haicang, Xiamen, serving as the first comprehensive platform for petroleum trading in Haixi. It facilitates the construction of an international shipping hub and financial centers along the Taiwan Straits. Being an essential component in the development of Xiamen’s financial market, the Xiamen Petroleum Exchange Center vividly embodies Xiamen’s competitive edge.

Thanks to political support and social assistance, the Xiamen Petroleum Exchange Center has been enjoying favorable development over the past three years. It has attracted investment from nearly 300 related companies. Xiamen’s initiative to bring 93 gasoline transactions online will further prompt its future development. It is estimated that its annual turnover in 2013 will amount to 70 - 80 billion yuan and attract investment from more than 300 companies.

With the help of the municipal government and Party committee, the center passed inspections from the State Council in January. Ratified by the Municipal General Office, the center was officially established in April. Characterized by its unique advantages, the center will embrace an even brighter future.

From a professional perspective, the 93 gasoline transactions are vulnerable to market fluctuations. Closely related to crude oil and chemical products, it can provide an ideal way to avoid price uncertainties and facilitate hedging. The gasoline transaction system will effectively fill the gaps in the area of petrochemical products trading in China.

According to Yang Ruijun, general manager of the center, the annual turnover of the center will amount to 150 billion yuan in 2014 and attract more than 400 companies.

Zheng Jinquan, CEO of the China Petroleum Industry Association and president of Xiamen Haiao Group, expressed that the center could generate an annual turnover of more than 1 trillion yuan within five years. It will also play an even more important role in the petroleum industry and Xiamen’s economic development.