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The Silicon Review Asia

China is all set to launch a new exchange called the Greater Bay Area International Energy Transaction Center

China is all set to launch a new exchange called the Greater Bay Area International Energy Transaction Center

China is considered to be the world’s largest importer of oil. A new exchange for small business owners known as the Greater Bay Area International Energy Transaction Center is all set to be launched in China. The new exchange will connect a wide range of buyers and sellers who deal with carbon credits, liquefied natural gas, electricity, ethane, crude oil, energy derivatives, and chemical products. China is setting up hubs in Latin America, the Middle East, and Africa by leveraging the blockchain technology to analyze and gather data. Small companies in China are not aware of how to approach for finance and technology. The exchange channel will help small businesses to have access to their counterparts and overcome the challenges.

Chinese companies are on a lookout to make investments in the chemical offshoots and natural gas. An exchange platform like will serve as a matchmaker by introducing all the players to each other. Better prices and efficiency can be achieved through transparency and also the natural gas that is available for a cheaper price in the U.S. could be time frozen and shipped to China for a tripled price. The country has necessary refineries and this can break apart derivatives and various other chemicals. The new technology will increase access to resources and give developing nations a cheaper price.

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