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Hong Kong aims to create oil futures market: financial secretary
Hong Kong (AFP) June 16, 2008 Hong Kong is looking at developing its own oil futures market as China tries to counter the effect of the commodity's rocketing price, the city's financial secretary said Monday. The new market would help fix the disparities that Asian buyers face when purchasing oil, which is priced in Dubai, London and New York and does not take into account local conditions, John Tsang said. "This system has led to Asian importers paying more for oil than their counterparts in Europe and the US," he said in an article published in local newspapers here. "It is increasingly important for China to develop a full-fledged oil market, a crucial part of which would be an internationalised oil derivatives market that would allow Asian oil importers to hedge their oil price risks in a fair and transparent manner in the Asian time zone." "Hong Kong can help the mainland bridge this gap as we can readily house an oil derivatives market under our existing robust legal and regulatory systems," Tsang added. Tsang said a futures exchange would allow mainland and multinational oil users and traders to hedge the effects of high oil prices. China is one of the three largest oil consumers, Tsang said, but has been under pressure recently as the spiralling cost of crude has put increased pressure on the government's price caps. Prices have soared since breaking through the 100-dollar level at the start of the year, and hit all-time highs of 139.12 in New York and 138.12 in London on June 6. Hong Kong, a long established global centre for finance, has in recent months been looking at developing new financial products to attract more investment, including an Islamic bond market. Community Email This Article Comment On This Article Share This Article With Planet Earth
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The Iraqi Central And Kurdish Regional Governments Are Ready To Export
Baghdad (UPI) Jun 16, 2008Energy ministers from both Baghdad and the Kurdistan Regional Government said an agreement on exporting oil produced by Norway's DNO is possible, though official approval has not been finalized. Iraqi Oil Minister Hussain al-Shahristani said Iraq is preparing to sign contracts with five international consortiums to increase oil production by 500,000 barrels per day. Baghdad is in talks with the governments of Iran and Kuwait to develop shared oil fields, the Iraqi oil minister said. There would be relief to the global economic crisis with an increase of Iraqi oil entering the world market, the Indian foreign minister said. Jordanian Prime Minister Nader Dahabi said in Amman Friday the Iraqi government agreed to renew the terms of a 2006 deal to sell oil to the kingdom for a discounted price. |
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