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Home Terminal News

INE signs delivery deal with PetroChina for fuel oil futures

November 27, 2020
in Terminal News
2 min read
PetroChina plans 1 million m3 storage facility
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The Shanghai International Energy Exchange (INE) has signed an agreement with PetroChina International for cooperation on overseas delivery for its low-sulphur fuel oil (LSFO) futures contract ILUF1.

According to Reuters, INE and PetroChina have reached a consensus on the cross-border overseas delivery for LSFO, marking the first time a Chinese futures contract would be deliverable outside of China. This could increase the liquidity and pricing influence of ILUF1. INE said that the deal is an ‘important foundation’ for China’s first futures delivery ‘going global’.

In the statement seen by Reuters, INE did not say which storage sites or delivery points would be used, but mentioned PetroChina’s bonded marine fuel oil distribution centre in Zhoushan, China, as well as Singapore and the UAE. Sources told the newswire recently that INE was considering using sites in Singapore as a delivery point for its low-sulphur fuel oil futures contract.

The ILUF1 contract was launched in June following the introduction of the IMO 2020 regulations on sulphur content in shipping fuels. It’s thought at the contract enabling overseas delivery will help China build a regional bunkering hub in Zhoushan, to rival Singapore.

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Tank Storage Magazine is published by Easyfairs UK Ltd.

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