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DME and INE to collaborate on energy products

DME and INE to collaborate on energy products
DUBAI, 20th October, 2014 (WAM) -- China based energy exchange, the Shanghai International Energy Exchange Corporation (INE), and 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 Center (DIFC), which was attended by a large number of institutional participants. During the event in Dubai, senior officials from both exchanges discussed the specifications of their crude oil futures contracts and their cooperation plans.

INE and DME will hold a second seminar in Shanghai on 21st November. Under the terms of today’s agreement, INE and DME will explore several areas of cooperation including joint education activities and collaboration to promote crude oil benchmarks in the Middle East and Asia-Pacific.