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China: Zhejiang Oil Center launches price information service for the storage of oil products

15 Dec 2021

The following article where information was supplied by our China correspondent was first published by Manifold Times on 15 December. An online translation service was used in the production of the current editorial piece:

Zhejiang Oil Center has launched a service providing price information for the storage of oil products at Zhoushan facilities, according to the State-owned Assets Supervision and Administration Commission (SASAC) on Thursday (9 December).

The price information service – which is the first oil storage market price guidance product in Zhejiang Province – is the result of a project led by Zhoushan Port, the Navigation and Port Administration Bureau, Zhoushan Port Association, and Zhejiang Oil Center. 

Short-term (1-3 months) and long-term (6-12 months) oil storage price information of six types of oil material including crude oil and low-sulphur fuel oil are collected and calculated by weighted average.

The new price information service allows storage enterprises, shippers and regulators access to comprehensive and transparent storage service prices, explains SASAC.

It reduces information asymmetry and unfair market competition, and promotes standardisation within the Zhoushan oil storage industry.

 

Photo credit: Manifold Times
Published: 15 December, 2021

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