Dubai: China-based energy exchange, the Shanghai International Energy Exchange Corporation (INE) and the Dubai Mercantile Exchange (DME), the international energy futures and commodities exchange in the Middle East, today announced the signing of a Memorandum of Understanding (MoU) to strengthen their cooperation in promoting the development of crude oil futures.
INE plans to launch a crude oil futures contract based on the import price in China of medium-sour crude oil. The new contract will be correlated with DME’s flagship DME Oman Crude Oil Futures Contract (DME Oman), which represents the export price of crude oil from the Middle East.
The two exchanges signed the agreement following a joint seminar held at the Dubai International Financial Centre (DIFC), which was attended by a large number of institutional participants.
