OREANDA-NEWS. August 30, 2013. Petroleum exchanges in three Chinese provinces have launched electronic trading platforms for oil products and the Beijing Petroleum Exchange plans to launch its platform by end-November, Xinhua news agency said in its fortnightly oil report published.

Shenzhen Petrochemical Exchange, a spot trading bourse in the Shenzhen province of southern China, introduced spot trading for gasoline and diesel earlier this month, and plans to introduce methanol, liquefied natural gas and paraxylene later this year, the report said.

Xiamen Petroleum Exchange Center in the Fujian province in eastern China has launched spot trading for gasoline, and the Western Trading Center of the Shanghai Petroleum Exchange in Xi'an, in the northwestern Shaanxi province, has launched electronic spot trading for oil products in partnership with Shaanxi Yanchang Petroleum Group, it said.

Xinhua said the exchanges will compete and help create a benchmark for oil product prices across China once the government fully deregulates domestic oil prices.