On February 2, the 2019 oil products conference of Shandong Port, jointly sponsored by Qingdao municipal government and Shandong Port Group and co organized by Qingdao West Coast New Area Management Committee and Qingdao Municipal Bureau of Commerce, was held in the International Conference Center of Qingdao World Expo City. At the meeting, the "Shandong Port crude oil CIF price index and valuation" developed by China itself was launched to realize the "right to speak" of spot pricing of domestic bulk commodities. Two alliances were also established and eight agreements were signed to create a new mode of blending and reconciling bonded crude oil in the national free trade zone.

During the conference, Shandong Port and China Ship Fuel Co., Ltd. signed the strategic cooperation framework agreement on bonded ship oil supply, and Shandong Port Qingdao port, Rizhao Port, Yantai port, Bohai Bay Port and partners signed seven strategic cooperation agreements.

At the meeting, Shandong Port oil finance and Trade Development Alliance and Shandong port ship oil supply service alliance were established to jointly discuss and build a new oil ecosystem and create a new pattern of win-win oil industry prosperity.

Taking advantage of the new trend of development in the era of big data, Shandong Port, together with price monitoring center of national development and Reform Commission, Shandong price monitoring center and jinlianchuang Network Technology Co., Ltd., jointly launched "Shandong Port crude oil CIF index and valuation". The CIF index and appraisal of crude oil in Shandong Port was initiated by Chinese enterprises independently, which can reflect the supply and demand of crude oil in hinterland market, have strong guidance and foresight for crude oil prices in other markets, and provide strong support for crude oil upstream, middle and downstream enterprises to better grasp the market price trend and guide production and operation. The launch of index and appraisal is conducive to improving market transparency To promote international crude oil trade and make crude oil trade more active in Shandong and the whole country. It is of great significance to the development of China's oil industry, China's spot pricing mechanism, and the internationalization and globalization of China's oil market.

(photographer Huang Fei, correspondent Liu Chunxiu)

[source: Peng Peng, editor of Qingdao morning post]