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2006-12-4 10:14:00 a.m. HKT, XFNA
China needs crude futures exchange to build pricing power - PetroChina
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BEIJING (XFN-ASIA) - China should establish a crude futures exchange to
make its pricing power reflect its status as the second-largest oil consumer
after the US, a PetroChina economist said.
Speaking at an oil conference, Zhang Hong, deputy chief economist of
PetroChina Refinery and Sales Co, said China will have an independent crude
quotation system should plans for a crude futures exchange go forward.
""The government should compile a series of crude price indices which
reflect the changes in the domestic market and respond to international
markets,"" Zhang said, adding that more responsive pricing will lead to
rational investment and consumption.
Zhang also urged the Shanghai Petroleum Exchange to introduce more oil
products including gasoline and diesel spots.
The exchange, which was established in August, currently trades fuel oil
spots.
China exported 9.99 mln tons of oil products in the 10 months to October
and imported 31.86 mln tons.
kelly.zang@xfn.com xfnkz/xfntm
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