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China: SIEE approves use of Sinopec group delivery facilities for LSFO futures

03 Mar 2022

The Shanghai International Energy Exchange (SIEE) on Monday (28 February) approved Sinopec Fuel Oil Sales Co., Ltd. as Group Delivery Center, Sinopec Zhejiang Zhoushan Petroleum Co., Ltd. as Group Delivery Factory, and Sinopec Fuel Oil (Singapore) Pte. Ltd. as Overseas Commodity Storage Facility for its Low Sulphur Fuel Oil (LSFO) Futures.

The approved storage capacity of the Group Delivery Factory (i.e. Sinopec Zhejiang Zhoushan Petroleum Co., Ltd.) is 80,000 metric tonnes (mt), and the active storage capacity is 40,000 mt.

SIEE will closely track and review market developments, and timely adjust the storage capacity for LSFO futures, it states.

The Group Delivery Center (i.e. Sinopec Fuel Oil Sales Co., Ltd.) shall release the benchmark premiums and discounts for overseas take-delivery on SIEE’s website in accordance with applicable rules. There is no premium/discount for deliveries made within the Chinese Mainland.

The Group Delivery Center and Group Delivery Factory and Commodity Storage Facility will conduct group delivery services in accordance with all relevant rules under SIEE.

The LSFO commodity shall be loaded out in a month after its relevant factory standard warrants are written off in the Standard Warrant Management System of SIEE.

 

Photo credit: Ralf Leineweber on Unsplash
Published: 3 March, 2022

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