A 2-billin-yuan ($321.74 million) energy exchange will open in Qingdao's West Coast New Area in June, with annual trading estimated at over 100 billion yuan.

In the initial stage, the energy exchange will focus on spot trading of crude, refined oil, fuel oil, aviation kerosene, LNG and LPG, and will gradually expand its business to include most of the petrochemical products.

The eastern Chinese coastal city aspires to build the exchange into an international spot trading platform that interacts with the world’s major exchanges, such as the London-based ICE Futures, the Singapore International Monetary Exchange and the Rotterdam Futures Exchange, offering services ranging from product pricing and trading to information publication, finance and supply chain management.