The logo of the China + Central Asia Industry and Investment Cooperation Forum is seen at Qingdao, Shandong province, Feb 16, 2023. [Photo/VCG]

Qingdao International Energy Exchange was officially unveiled at a sub-forum on energy cooperation on Feb 17 during the China + Central Asia Industry and Investment Cooperation Forum.

The two-day forum, which opened on Thursday in Qingdao, Shandong province, was jointly organized by the National Development and Reform Commission and the Shandong provincial government.

Jointly established by the Administrative Committee of the China-SCO Local Economic and Trade Cooperation Demonstration Area and Shandong Port Group, Qingdao International Energy Exchange will mainly focus on businesses involved in energy trading, supply chain financial services and digital services.

"During trial operations, Qingdao International Energy Exchange has improved the efficiency of energy trading and exchange and reduced the costs for trading and logistics," said Zhang Dong, deputy director of the Administrative Committee of the China-SCO Local Economic and Trade Cooperation Demonstration Area.

As of the end of 2022, Qingdao International Energy Exchange's member companies have opened a total of 61 accounts, and 7 energy companies have settled in the energy exchange and run related businesses.

The China-SCO Local Economic and Trade Cooperation Demonstration Area also unveiled a new policy to support the development of the Qingdao International Energy Exchange in terms of administrative approval services, supporting infrastructure and talent support.