国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Resumption of oil futures likely
( 2002-05-29 10:13 ) (1 )

China is likely to resume operation of its oil futures this year, industry insiders said at a futures conference organized by the Shanghai Futures Exchange on Tuesday.

"As China has become an important oil producer and consumer, the demand for our own oil futures market emerges, which will help Chinese oil-related enterprises hedge risks," said Li Ruisheng, vice-president of PetroChina's refining and sales branch.

China's oil consumption now relies heavily on imports and the trend is expected to continue.

In the first quarter of this year, China's crude oil imports rose 7.2 per cent compared with the same period last year, while oil exports dropped 37.4 per cent.

According to the most optimistic predictions, China will need to import at least 100 million tons of oil in 2005.

Currently, only four Chinese oil enterprises are allowed to trade in the international futures market, which presents significant hurdles for risk management and hampers competitiveness.

"The international prices do not always reflect the domestic market situation,"PetroChina's Li pointed out.

"We are looking forward to our own oil futures market, which will enable us to manage price risk through a secure and regulated market," said Luo Han, vice-president of the China National Offshore Oil Corporation.

The Shanghai Futures Exchange (SHFE) applied to trade petroleum contracts last year, together with a stock index and long grain paddy contracts, pending the China Securities Regulatory Commission's (CSRC) approval.

SHFE's CEO Jiang Yang said fuel oil futures could be the first to be resumed.

Analysts say this is because fuel oil is the most liberalized oil product in China. Since the State Development Planning Commission lifted its control on fuel oil prices last October, its price fluctuation has been in line with international changes.

Last year, China consumed 3.6 million tons of fuel oil, 1.8 million of which was imported.

China launched its oil futures market in 1993, trading four contracts. However, it was shut down two years later when the government tightened its control on the sector.

Market players say the re-launch will bring China a step closer to full liberalization of the oil sector, as well as benefit Chinese oil consumers.