China Set Up Second petroleum Exchange

China set up its second petroleum exchange in port city of Dalian, about four months after the launch of the Shanghai Petroleum Exchange.

"We plan to start trading fuel oil, bitumen, and several other petroleum and chemical products in May next year," said Sun Xueshi, president of the exchange.

Sun said the exchange, with a registered capital of 10 million yuan (US$1.28 million), is expected to have a trade volume of up to 50 billion yuan (US$6.39 billion) per year.

The foundation for the exchange is the petroleum and chemical products market in the Dalian Bonded Area, which has an annual trade volume of 10 billion (US$1.28 billion).

Sun said the investors in the exchange are Liaoning's Liaohe Petroleum Exploration Bureau, a subsidiary of China National Petroleum Corporation, and Sinopec Shengli Oilfield Company in eastern Shandong province.