2. As a representative of the leading enterprises in Shandong refining industry, HSBC Petrochemical Crude Oil Group established HSBC International Energy (Singapore) Co., Ltd. as early as 2065438+July 2007, actively participating in and exploring the futures market. Establish a futures team, conduct research on futures companies, explore from the aspects of account opening, banking period, making a strategy of grabbing orders, applying for trading codes, etc., sum up experience, and finally reach the first batch of crude oil futures trading in China.

At the beginning of this year, the Ministry of Commerce issued the first batch of non-state-owned crude oil import quotas of 2,065,438+200 million tons, nearly double that of last year. While gaining rapid development opportunities, local oil refining enterprises are also facing greater risk exposure challenges. China crude oil futures is the first international futures product opened to the outside world in China. The introduction of RMB-denominated crude oil futures is China's national strategy to strive for the pricing power of crude oil, which can not only realize the hedging and arbitrage functions of crude oil, but also reduce the exchange rate risk in crude oil trade, further accelerate the market-oriented reform of domestic oil industry and promote the internationalization of RMB. As the first order enterprise of crude oil futures in China, HSBC Petrochemical Group took the first step towards the futures market, which opened the prelude for HSBC Petrochemical to go out and explore international trade.

"The listing of China crude oil futures not only provides a platform for domestic refineries and oil traders to hedge price risks, but also creates convenient conditions for us to observe the long-term prospects and short-term fluctuations of the energy industry." Cui, general manager of HSBC International Energy (Singapore) Co., Ltd. said: "The company will continue to explore through active participation.