BEIJING - Beijing Petroleum Exchange Thursday launched its spot trading platform for fuel oil after nearly a year's market research and preparations.

To introduce the platform, the BPE has set up over 20 warehouses across China and traders can settle their accounts with the Industry and Commerce Bank of China, the Agricultural Bank of China, Bank of China, Huaxia Bank and China CITIC Bank, according to a statement on the BPE's website.

Wu Ruchuan, chairman of the BPE, said China's huge fuel oil trade volumes and the sector's market strength have created the basis of open trading.

In 2011, China's output of fuel oil, a kind of petroleum product that is burned for the generation of heat and power, amounted to 18.69 million tons, with apparent consumption at 33.1 million tons.

The newly-established platform will offer services to a range of market players in the industrial chain, including those engaged in imports, wholesale, trade, production and consumption, Wu said, describing the move as being "of great significance" for the internationalization of the fuel oil industry.

The BPE was established in 2008 as China's third petroleum exchange following those in Shanghai and Dalian. In the first 10 months of 2012, transactions via the exchange reached a valued of 71.4 billion yuan ($11.35 billion), and the full-year figure is expected to hit 100 billion yuan.