Petroleum Exchange to Reappear in Shanghai

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Last updated at: (Beijing Time) Friday, March 07, 2003

Petroleum Exchange to Reappear in Shanghai

The China Petroleum Association and the Shanghai municipal government have decided to restore Shanghai Petroleum Exchange, according to Beijing Youth Daily.

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The China Petroleum Association and the Shanghai municipal government have decided to restore Shanghai Petroleum Exchange, according to Beijing Youth Daily.

As dark clouds of war are looming large over the Middle East region, the international oil price has been rocketing, with the crude oil price in New York exchange reaching a new high of 39.99 US dollars per barrel last week, close to the level reached during the Gulf War. Many related industries, such as aviation, automobile, toy and garment, are also facing enormous pressure brought by higher costs. All these give a good reason for restoring the petroleum exchange.

The restoration work will be conducted jointly by Shanghai government and China's three oil giants, Sinopec, C NPC and CNOOC.

Now the restoration work has entered an essential stage and final discussions on investments and site selection are under way.

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