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Barter Happenings Around The Globe China Sets Up World�s First Oil Barter Exchange According to the Oriental Morning Post out of Beijing, China has set up the Yangpu Oil Barter Exchange, reportedly the world�s first barter exchange for oil and gas. Located in the Yangpu Peninsula on Hainan Island in Southern China, it was set up in October after receiving approval from the goverment. Cheng Lianchang is the chairman of the exchange. Since its establishment in October the exchange has helped Chinese traders barter with traders from Russia and Thailand. To date, the contract value of the trades totals US$1.2 billion. The exchange enables traders to exchange crude oil for oil and gas products, as well as to invest in oil exploration companies. Russian Gas Company Barters With Municipality A memorandum for the construction of homes for the needy in exchange for land for gas stations has been signed in Moscow between the mayor of Sofia and the director of one of the world�s largest oil companies, Lukoil. Other Barter Company Happenings
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