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China's First Crude Oil Online Bid Completed in Dalian Free Trade Area
        On Mar. 5, 2021, Dalian Petroleum Exchange located in Dalian Free Trade Area succeeded in a bid involving ultra-thick oil 5,000t, heavy oil 10,000t from PetroChina Liaohe Oilfield Company on its online transaction platform, with 8 companies participating therein, in which the bid quotation was exceptionally fierce, the dealers made bids with an amount increment far beyond the expectations of all. Eventually, the transaction was concluded with the trading commodity value being close to the best market value.
        This online bid for crude oil is another important step in the exploration of bulk commodity transaction reform and innovation in Dalian Free Trade Area. It also marks the official launching of crude oil sales reform in China National Petroleum Corporation and Liaohe Oilfield Company. The dealers, through seller listing, buyer listing, online bid for buying and selling, etc., made online spot oil transactions. In comparison with futures transaction, it, being characterized by physical commodity trading, instant settlement, reduces intermediate links, simplifies the transaction process, lessens the transaction risk, lowers the circulation cost of oil spot, and establish a marketized pricing mechanism for market to play a decisive role in crude oil resources configuration. 
        Established in 1996, Dalian Petroleum Exchange is a wholly-owned transaction platform of PetroChina Liaohe Oilfield with the functions of spot trade, electronic transaction, intelligent storage and transportation, information release, etc. It has more than 400 petrochemical member enterprises with an annual transaction amount exceeding RMB 80 billion yuan. Since its establishment, the accumulative transaction amount has reached RMB 696.5 billion yuan with an accumulative tax revenue of RMB 4.2 billion yuan. Its crude oil spot online transaction platform, as the first oil spot online transaction platform in Northeast China, covers such main transaction varieties as finished oil, fuel oil, asphalt, natural gas and other petrochemical spot products. Dalian Free Trade Area opens a green channel for the petrochemical member enterprises to apply for corresponding qualification for petroleum transaction, and they can also enjoy relevant support policies of Dalian Free Trade Area. 
        Dalian Free Trade Area, with the early and pilot implementation innovation and development environment and the policy function of special customs supervision area, has oil and gas port, storage and transportation, refining, trade and domestic and foreign market resources. In the next step, Dalian Free Trade Area will integrate all resources, utilize the comprehensive advantage in the policy of finance and trade liberalization and facilitation as well as innovation to try hard to make more contributions to the oil and gas transaction, pricing and information services, etc., taking the northeastern region as the core and radiating to the whole country.