October 30, 2019 / 10:47 AM / 18 days ago

Shanghai INE adds Yangpu as futures delivery point

SINGAPORE, Oct 30 (Reuters) - Shanghai International Energy Exchange (INE) has approved a tank farm operated by state refiner Sinopec as a new delivery point for its crude oil futures, it said on Wednesday.

The storage site of 400,000 cubic metres, or about 2.52 million barrels, is located in the Yangpu Economic Zone in China’s southernmost Hainan province, where Sinopec operates a refinery and a commercial crude oil tank farm with storage capacity of one million cubic metres.

Yangpu becomes the ninth delivery site for the Shanghai crude oil futures which started trading in March 2018.

Reporting by Chen Aizhu; editing by Jason Neely

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