June 22, 2018 / 3:51 AM / 2 months ago

Chinaoil moves Oman crude to Dalian for futures contract deliveries

BEIJING (Reuters) - Chinese trader Chinaoil this week moved about half a million barrels of Oman crude oil into storage in northeast China’s Dalian port, a delivery point for the newly launched Shanghai crude oil futures contract, parent company CNPC said on Friday.

Chinaoil, trading arm of state oil and gas group China National Petroleum Corp (CNPC) [CNPET.UL], was among the companies conducting trades on the International Energy Exchange on March 26 when the crude oil contract <0#ISC:> was launched.

Very large crude carrier Asian Progress V carrying crude oil from Oman discharged at Dalian port on Wednesday, CNPC said.

It was not immediately clear who will take delivery from Chinaoil. First deliveries for the Shanghai contract will take place in September.

China has selected eight coastal storage sites, including Dalian, as delivery points for the crude contract. Total storage capacity set aside is about 20 million barrels.

Reporting by Chen Aizhu in BEIJING and Florence Tan in SINGAPORE; Editing by Tom Hogue

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