A new company launched in the China (Shanghai) Pilot Free Trade Zone (FTZ) will perform as a global trading platform for energies and chemical products futures, Shanghai Securities News reported Wednesday.

The firm, Shanghai International Energies Trading Center Co, will work as an exchange bourse for crude oil, natural gas and energy products futures, the newspaper said.

The company will have its own management team but is directly owned by the Shanghai Futures Exchange, which reportedly plans to invest 5 billion yuan ($819.5 million) to establish a new trading center in the free trade zone.