With the rise of Asia as the world’s largest energy market, it is now poised to transform the global trading environment for energy commodities and electricity. Recent developments in Asia have shown that several changes are already underway. For example, China took its first steps towards paying for imported crude oil in yuan instead of US dollars. In addition, several Asian countries such as China, Japan, South Korea and Singapore are developing regional gas exchanges. In this regard, Asian traders, refiners and power utilities could potentially determine prices and payment terms in the near future.
This roundtable will assess the latest trends in energy trading and address the following questions:
- How can regional and sub-regional trading in energy and power facilitate cross-border transactions, enhance energy security and contribute to regional development?
- What are the operating mechanisms of new Asian-based energy and power trading platforms?
- Will the creation of a "Asian buyers club" challenge traditional players?
- Can major Asian players like China, Japan, Korea and ASEAN reach consensus and establish standards for energy trading?
- How will these developments affect energy trading?
- What role can Singapore play as an energy trading hub?