A total of 34 million barrels of storage space is to be allocated along China's eastern coast for the country's crude oil futures contracts.
The proposed amount that Shanghai's International Energy Exchange (INE) intends to allocate was set out in the draft of the contract when it was released publically for the first time.
INE is set to finalise agreements with a number of ports and state-owned company to designate around 5.35 million m3 of storage for use by those who have secured the futures contract, according to Platt's.
Of the total amount, 2.3 million m3 is expected to be made available when the contract is launched.
The facilities are located in Zhanjiang in southern Guangdong province, Ningbo in Zhejiang, Rizhao in Shangdong, Dalian in Liaoning and Shanghai.
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