Shenyang Petroleum Products Trading Center, China’s biggest petroleum products spot trading platform, officially opened in Northeast China’s Shenyang, Liaoning province on Nov 23.

Positioning itself as the biggest petroleum products trading hub in China –– combining e-commerce and modern warehousing logistics with supply-chain financing –– the center aims to serve as a platform for trading petroleum products online, settlement and financing, off-line delivery, warehousing and transportation.

Shenyang Petroleum Products Trading Center began construction last December with a total investment of 7 billion yuan ($1.10 billion).

The whole project is divided into three phases. Shenyang Offshore Petrochemical Logistics Park was chosen as the site for the first and second phases, where a petroleum product trading building and an oil storage facility are located.

Covering an area of 18,000 square meters, the petroleum product trading building has already finished construction. And the oil storage facility which has an annual oil turnover volume of 5 million cubic meters will commence operations by the end of this year. It is anticipated that the first year’s trading volume will reach 20 billion yuan.

The third phase of the project will see an investment of 5 billion yuan, which will be used to establish or purchase oil storage and delivery warehouses at major ports in China. It has already reached cooperation intentions with Chongqing, Shandong, Jiangsu and Xinjiang Uygur autonomous region.

Shenyang Petroleum Products Trading Center will also cooperate with Northeast China’s three major oil fields –– Daqing Oil Field, Jilin Oil Field and Liaohe Oil Field ––along with oil refineries in Bohai Bay Rim, to provide much more convenient services for petroleum products trading.

According to experts, the Shenyang Petroleum Products Trading Center will take advantage of Northeast China’s oil resources to improve the region’s turnover capacities in the petrochemical industry.

Source: China daily.com