PetroChina eyes major role in oil pricing
Chinese oil and gas giant Petro-China's partnering with some of the world's biggest energy companies to launch a new crude oil futures exchange in the Middle East, is an important move for the company to better leverage the international crude oil trading mechanism to gain profits and hedge losses, analysts said.
Abu Dhabi's state oil producer, Abu Dhabi National Oil Co, or Adnoc, recently said it had teamed up with Intercontinental Exchange Inc, and nine energy-market behemoths, namely BP, Total, Inpex, Vitol, Shell, Petro-China, South Korea's GS Caltex, Japan's JXTG and Thailand's PTT, to launch a new futures exchange in the United Arab Emirates and set up the world's first Murban crude oil futures contract.
Murban crude oil is a flagship crude oil product from the region. It is also the first time that PetroChina is being part of an overseas crude oil futures exchange.
