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News / 2020/ China: PetroChina, Shanghai Futures Exchange make IMO 2020 plans

China: PetroChina, Shanghai Futures Exchange make IMO 2020 plans

05 Jul 2019
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The Chinese market is making plans to prepare for upcoming IMO 2020, representatives of China National Petroleum Corporation and Shanghai Futures Exchange informed delegates at a recent conference on Thursday (4 July), as reported by Xinhua.

Zhang Wei, Vice President of state-owned China National Petroleum Corporation (CNPC), said listed arm PetroChina is initially planning to produce 4 million metric tonnes of Low Sulphur Fuel Oil (LSFO) material for supply to the bunkering industry.

The first batch of LSFO was exported from Dalian Petrochemical in early June and has been successfully supplied to China’s bonded marine oil market.

Jiang Yan, Chairman of Shanghai Futures Exchange (SHFE), meanwhile noted the Chinese marine fuel industry will experience greater challenges and opportunities ahead in 2020.

The country is also making plans to decrease reliance on foreign fuel oil while investing in being a bunkering centre, he said.

Jiang added there is also a strong correlation between the price of bonded marine fuel at Shanghai, Singapore and East China.

As such, he said SHFE will be launching a bonded LSFO futures contract which foreign entities will be able to participate to ensuring competitiveness between the Chinese and international markets.

Photo credit: Manifold Times
Published: 5 July, 2019

 

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