Shanghai Petroleum and Natural Gas Exchange (SHPGX), a platform to prompt oil and gas reform and enhance China's gas pricing power, would come into formal operation by the end of 2015, said a report by China Securities Journal on Thursday.
By November 10, transaction volumes of pipeline natural gas and LNG totaled 1.63 billion cubic meters and 65,000 tonnes, respectively. Total transaction amount with SHPGX totaled 4.45 billion yuan since its test operation on July 1, 2015. In particular, Shanghai Natural Gas Pipeline Co., Ltd., a joint venture by Shenergy Co., Ltd. and Shanghai Gas (Group) Co., Ltd., had made a transaction volume of 650 million cubic meters.
Beijing Gas Group recorded transaction volume of 330 million cubic meters. SHPGX plans to introduce medium and long-term contracts of natural gas and study spot trading of crude oil, according to an earlier report by Shanghai Securities News.
Registered in China (Shanghai) Pilot Free Trade Zone, SHPGX has ten shareholders including Xinhua News Agency, PetroChina, Sinopec Corp., CNOOC, Shenergy Group, Beijing Gas Group, ENN Group, Hong Kong and China Gas Co., Ltd. (Towngas), China Gas Holdings Limited and China Huaneng Group.
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