A 1,000-mt gasoline deal was concluded on the electronic platform of the Beijing Petroleum Exchange recently, marking the commercial operation of the bourse, according to an insider.
The seller was PetroChina Beijing, said the source.
"We provide spot transaction platforms for nearly ten kinds of petrochemicals and we will apply for petrochemical wholesale licenses and preferential taxes for our members,"said the source.
The minimum trading volume of each lot is 10mt, the source introduced.
Many traders are prudent in becoming members of the bourse, whose application for acting as an agent to apply the wholesale licenses is still pending approval, traders remarked.
"It takes more than three years for the exchange to open business, so we will still wait to see the further development of its business", said a trader.
Another trader said "we can sell products normally without through the Beijing Petroleum Exchange. In addition, the system of the exchange is not perfect now."
Beijing Petroleum Exchange was inaugurated on Dec 28, 2007 and was reformed on Nov 2, 2010. PetroChina, Sinochem and CNOOC Investment have a combined 35% stake in the exchange.
