ZhenHua Oil celebrated its 15th birthday at the end of August in Beijing. Meanwhile, the firm, in Zhanjiang Port, the southernmost part of China, is intensively completing a significant assignment.
With the company's chartered ship, Shinyo Kieran, smoothly mooring and unloading at Zhanjiang Port, and generating a standard warehouse receipt in a short time, ZhenHua Oil has completed its first physical delivery of Chinese crude oil futures at the Shanghai International Energy Exchange (INE). ZhenHua Oil became one of the first batch of physical delivery to customers since the launch of Chinese crude oil futures and the delivered volume accounted for a half of the total physical delivery this time. ZhenHua Oil has achieved a breakthrough in its business model and has left an indelible mark in the history of Chinese crude oil futures.
With the delivery, ZhenHua Oil has achieved sound economic benefits and maintained the stable and orderly price of the futures market, fully reflecting ZhenHua Oil’s social responsibility as a central enterprise. On the other hand, the company has seized the opportunity and successfully opened up a new market channel for crude oil futures, carving out a strong physical terminal for upstream resources. This successful delivery shows the strong influence of Basra Light Crude Oil on the crude oil futures market, indicating that the joint venture between the company and SOMO has a broad development potential.