Dubai Gold & Commodities Exchange (DGCX) – the world’s newest online commodities derivative exchange – will begin trading energy and fuel oil derivatives contracts from the end of October 2006. DGCX also plans to trade gasoline derivatives next year.
“This is an obvious progression for DGCX being headquartered at the commercial hub of the world’s most vibrant energy producing region,” said Colin Griffith, Chairman, DGCX.
The 30th of October 2007 will see DGCX launch the Fujairah 380 CST High Sulfur Fuel Oil Futures Contract to be followed by six consecutive forward month contracts with January 2007 being the near month contract. The contract will be traded in lots of 100 metric tonnes of 4.5 per cent sulphur, 380 centistoke fuel oil.
“The proposed futures contract will facilitate price discovery nearer home for a commodity which plays such an important role in the region,” added Griffith.
The announcement comes as DGCX launches a major marketing campaign aimed at winning over the energy sector. The campaign will kick-start at the Oil Barons’ Ball in Dubai in November 2006, the annual social gathering for the Middle East’s energy sector, held under the patronage of HH Sheikh Ahmed bin Saeed al Maktoum, President, Department of Civil Aviation, Government of Dubai and Chairman of the Emirates Group.
DGCX has become one of the main sponsors of the Oil Barons’ Ball, which takes place on the lawns at Nad Al Sheba on November 15 2006.
“This is an ideal showcase for our new services and to ensure the DGCX names is automatically linked with the region’s expansive energy sector,” added Griffith.
“With up to 2,000 energy executives from around the region set to descend on Dubai for the event, it is a fertile ground for spreading the DGCX message to a highly focussed audience.”
This year’s Oil Barons’ Ball, which is organised by Pipeline Magazine – the premier monthly trade publication for the Middle East’s oil and gas industry, is set to be the largest in the event’s four-year history.
“This year the ball will be almost double in size with it now being firmly established on the regional industry calendar as the oil and gas social event of the year and a prime networking evening,” said Eileen Michael,
“Despite the social aspect of the ball, sponsors have recognised the value of putting their name in front of an audience which is responsible for delivering deals literally running into billions of dollars.”
The Oil Barons’ Ball 2006 will also witness the crowning of the Fourth Middle East Oil Baron – a title bestowed on a regional industry professional following a poll of peers carried out online on www.pipelinedubai.com
The oil baron is the person judged by his peers to be an outstanding individual from within the Middle East’s energy industry. Candidates have to be resident in the Middle East, have a strong community spirit and be an innovator and active promoter of the region’s energy industry.
Reservations for this year’s Oil Barons’ Ball are available by emailing email@example.com. Corporate tickets for a table of ten are priced at US $1,375 while a single ticket sells for US $165.
About Pipeline Magazine:
Since its launch in 1996, Pipeline has fast gained recognition as the authoritative publication for the regional energy industry, providing reliable, accurate and informed monthly news, features and statistics. Pipeline is produced by the Dubai Media City-based Reflex Publishing M.E. FZ LLC. It is backed by a dedicated editorial, sales and marketing team serving the Arab World’s energy industries with timely, relevant information. The magazine currently circulates throughout the Pan Arab world and CIS to over 30,000 key decision makers within the energy sector.
For more information, call Reflex Publishing ME LLC on +971 4 391 0830
Or visit: www. pipelinedubai.com
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