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28 10 2018
Dubai, United Arab Emirates: The Dubai Mercantile Exchange welcomes Bahrain Petroleum Company's (Bapco) decision to approve Oman's futures contract for pricing its Asian crude oil exports.
"Bapco's decision is an important step in the introduction of crude pricing mechanisms, which is entering a new phase in which the day-to-day evolution of global energy markets is in line with confidence in Oman's future crude oil, "said Raed Al Salami, managing director of Dubai Mercantile Exchange. The regional and global nodes as a reliable indicator of crude oil prices reflect the reality of the economic climate and the dynamics of real supply and demand in the region. "
Bahrain Petroleum Company (Bapco) has informed its customers of the process of changing the crude oil pricing mechanism for Asia, which came into effect for shipments loaded during the month.
It is worth mentioning that Bapco is the fourth national oil company to adopt Oman's futures contract in its crude pricing mechanism, which is currently used by Saudi Arabia, Oman and Dubai.
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About the EMR:
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The Dubai Mercantile Exchange, the Middle East's premier international market for energy futures and commodities, aims to provide oil producers, traders and customers interested in the markets located in the Middle East. is Suez transparent prices for crude oil.
The stock market has grown rapidly since it opened in 2007 and has become one of the world's leading stock exchanges. Its main contract, Oman's Future Contract, has become the most reliable standard for fast-growing crude oil in East Suez. Oman ore, a tool that uniquely reflects the economies of the Asian region and the world's largest contract in terms of actual delivery, is the world's third-largest crude oil reference and the only benchmark for oil crude exported from Oman and Dubai.
In all its operations, the EMR uses state-of-the-art electronic systems in more than 20 regions, including major financial centers in Asia, Europe and the United States. The stock exchange is located in the Dubai International Financial Center (DIFC), a free financial zone created to promote financial services in the UAE and subject to the laws of the DFSA. All transactions are cleared and guaranteed by CME Clearing of the Chicago Mercantile Exchange Group.
Dubai Mercantile Exchange is a joint venture between Dubai Holding, Oman Investment Fund and Chicago Mercantile Exchange Group. Global financial institutions and energy trading companies, including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy, also own shares. www.dubaimerc.com
For more information, please contact:
Dubai Mercantile Exchange
Maysam Hamada, Head of Marketing Department
Phone: +9741 3655522
Email: [email protected]
Trax Public Relations
Walid Majzoub
Trax Public Relations
Phone: +9714 3672530
Hotline 24h / 24: +974 9448389
Email: [email protected]
© Press Release 2018
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