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China's INE completes first overseas delivery of low-sulphur fuel oil contract

Reuters SG
·1-min read

SINGAPORE, Jan 22 (Reuters) - The Shanghai International Energy Exchange (INE) said on Friday it had completed first delivery of its clean marine fuel futures contract outside China, a trial it started recently in Singapore to boost liquidity of the contract.

Trafigura Pte Ltd and Freepoint Commodities Singapore Pte Ltd earlier this week took a combined 2,500 tonnes of the very low-sulphur fuel oil from a PetroChina-owned storage picked by INE as its first overseas delivery point.

China-Base Resource Singapore is expected to take another 1,000 tonnes of delivery from the same storage between Jan. 22-24.

The delivery prices were based on premiums quoted by PetroChina Singapore over the official INE prices for the next 15-30 days, the exchange said.

PetroChina International, a unit of PetroChina, was Singapore's top marine fuel supplier in 2019. The company owns a 25% stake in Singapore's Universal Terminal oil storage site at Jurong Island in the island city-state's southwest. (Reporting by Chen Aizhu; Editing by Subhranshu Sahu)