Qingdao International Energy Trading Center Co Ltd, led by Shandong Port Group, was launched at the energy cooperation sub-forum of the first China+Central Asian Industry and Investment Cooperation Forum on Feb 17.

The launch was attended by envoys and guests from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, as well as representatives and entrepreneurs from China.

The center is a new platform for opening up to the world and an international vehicle for energy trading. It will become the main carrier for the China-SCO Local Economic and Trade Cooperation Demonstration Area to promote open development of the entire oil and gas industry chain.

The center's establishment aims to deepen international energy cooperation, improve the safety and stability of the international energy supply chain, promote domestic energy market reform, enhance efficiency in resource allocation in the energy market, and strengthen RMB onshore and offshore markets.

The center also launched new products and services, including crude oil tank capacity trading, petroleum coke trading, a special oil product quotation area, and pipeline natural gas trading.

Shandong Port Investment Holding Group signed strategic cooperation agreements with the Dongying Port Economic Development Zone and the Tianjin Property Rights Exchange Center. The new center also signed contracts with representatives from financial institutions, refineries, and service agencies.

Representatives from China and five central Asian countries witness the launch of the Qingdao International Energy Trading Center on Feb 17 in Shandong province. [Photo/WeChat account of Shandong Port]