China is the world’s biggest oil importer. To broaden its market access, and perhaps help drive down prices, it is launching a new exchange called the Greater Bay Area International Energy Transaction Center
. The exchange will connect myriad buyers and sellers, large and small, of everything from crude oil, liquefied natural gas, ethane, electricity, carbon credits, chemical products and energy derivatives. Leveraging cloud-based blockchain technologies China is also setting up hubs in the Middle East, Africa and Latin America to gather and analyze energy market data for its participants.
Why build this exchange in China, which has little oil and gas production? Because it has the necessary refineries that can break apart the various chemicals and derivatives, all of which are used in manufacturing and production and which are part of nearly every consumer product made. , a U.S.-based nonprofit organization, who led the roundtable discussion. “Once we stop the trade war, you will see a lot of energy supply going to China.” LIANYUNGANG, JIANGSU PROVINCE, CHINA - 2019/10/14: Container ships and freight cranes in Lianyungangport. Lianyungang city is newly listed as a new free trade zone by Chinese central government. The exchange could increase transparency and reduce prices. But a few concerns pop up.
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