Dubai – MENA Herald: DME, the premier international energy futures and commodities exchange in the Middle East, recently held a roundtable in Shandong, China that was attended by the key Chinese independent oil refineries.
The Chinese government is providing approvals to growing numbers of independents to directly import crude oil for the very first time. The DME event was held to support these refineries in registering and setting up DME accounts to trade Oman Crude Oil Futures for hedging and deliveries.
The event was attended by more than 70 participants representing the majority of the independent oil refineries in China. Till date, four independent refineries have registered and are ready to trade, of which one is already using the DME Oman contract for hedging and deliveries.
“We were glad to witness such strong interest in DME and DME Oman among from the Chinese independent oil refineries, who appreciate the benefits of the exchange’s futures mechanism for their hedging requirements as well as for their crude deliveries,” said Owain Johnson, Managing Director, DME. “There is clearly a strong demand in Asia for a transparent and regulated mechanism that provides a level playing field.”
11 independent refineries from China have already been granted permission to import crude oil from overseas with more expected to receive approvals in the coming months. DME will reach out to all these refineries and host further information seminars in China to raise awareness on the importance of futures contracts for hedging and deliveries and the benefits of trading DME Oman crude oil futures.