The first local refinery!

Jingbo Petrochemical bought the first domestic ship INE-priced crude oil spot

At the beginning of this week, the news that China International United Petroleum & Chemicals Co.Ltd.（UNIPEC）sold the first INE-denominated crude oil cargo attracted great attention at home and abroad.
It is reported that the buyer of the crude oil is Jingbo Petrochemical of Shandong Province. Therefore, UNIPEC and Jingbo Petrochemical jointly completed the first transaction of spot crude oil in China based on the Shanghai crude oil futures contract, created a precedent for the Chinese crude oil market to use the Shanghai crude oil futures contract as the benchmark for the spot market.
It is reported that Jingbo bought 350,000 barrels of Middle East heavy crude oil with high sulfur delivered in November, the pricing benchmark is INE's December futures contract, and the terms of trade are on board.
The success of the transaction also indicates that the market's acceptance of INE Futures as the pricing benchmark for crude oil trading is on the rise, which will also encourage other countries outside China to trade in INE prices in the future. All of this will greatly promote the Shanghai crude oil futures as the benchmark crude oil.
UNIPEC is a large international oil trading company established in February 1993. It is currently a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group) and the largest international crude oil trading company in China.
Jingbo Petrochemical is a large-scale private enterprise with petrochemical industry as its main business. As a top company in the local refinery, Jingbo received a quota of 3.31 million tons/year of imported crude oil in 2015 and has a well-established international trade and futures team.

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