Crude oil futures to trade in Shanghai FTZ

Crude oil futures are expected to be listed in the near future with the Shanghai International Energy Trade Center, which will be officially opened on Nov 22 in the China (Shanghai) Pilot Free Trade Zone.

In the opening speech at the 2nd China International Oil and Gas Trade Congress, Zhou Bo, deputy mayor of Shanghai, said the Shanghai International Energy Trade Center would be the fifth national futures exchange dealing with listed transactions, settlements, delivery services on crude oil, gas, petrochemical products and energy derivates.

"Hopefully the reputation of Shanghai will be raised in the trading market for oil and gas by making improvements after receiving suggestions from the experts and professionals in the congress," Zhou said.

Wang Shouwen, assistant minister of the Ministry of Commerce, said in the main speech that the launch of the center aimed to promote free trade and investment in the global energy trading market and set up a mature energy-trading platform in Asia.