Business

The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has announced plans to hold two joint seminars with the Shanghai International Energy Exchange Corporation (INE).

The two exchanges will hold a seminar in Dubai on October 20, 2014 and another in Shanghai on November 21, 2014. During the events, senior officials from both exchanges will discuss their individual contracts specifications and their cooperation plans with interested institutional participants.

Founded in 2013, INE is owned by the Shanghai Futures Exchange and the Shanghai Futures Information Technology Company. The new exchange is planning to launch a crude oil futures contract based on the import price in China of medium-sour crude oil. The cooperation with DME is expected to consolidate the position of the new contract along with DMEs flagship DME Oman Crude Oil Futures Contract (DME Oman), which represents the export price of crude oil from the Middle East.

Christopher Fix, Chief Executive of DME, said: The upcoming launch of INEs crude oil futures contract is perhaps the most exciting development for the Middle East and Asian crude oil markets since DMEs launch back in 2007, so we are delighted to be working closely with our colleagues from INE and look forward to hosting them in Dubai and visiting them in Shanghai.

Chu Juehai, Chief Executive of INE said: We are excited to share information about our upcoming crude oil futures launch with institutional market participants in the Middle East and in China. We look forward to working closely with DME to promote crude oil benchmarks in Asia which objectively reflects the energy supply-demand balance in the region and improves the efficiency of price discovery, risk management and asset management for the oil industry and global participants.

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