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Global energy and commodity price reporting agency Argus has extended its Argus Open Markets (AOM) real-time electronic price discovery platform to include used cooking oil (UCO) and used cooking oil methyl ester (UCOME) prices in Asia-Pacific.

The AOM platform offers real-time price transparency daily between 5:00pm and 5:30pm Singapore time for Asia-Pacific UCO and UCOME markets allowing registered market participants to post bids and offers, and to trade for these products.

Launched on 14 March, the new UCO and UCOME prices led to multiple bids and offers being posted on the platform, with trade initiated between Petrochina International (Hainan) and Guangzhou Leo-King Environmental Tech for RED UCOME exported from China, Argus Media said on 22 March.

"The Asia-Pacific region is a huge source of growth of biofuel production, consumption and trading. We have worked closely with the industry to launch Argus Open Markets,” Argus Media chairman and chief executive Adrian Binks said.

The Asia-Pacific region is a major supplier of UCO, with China the largest producer globally, which made the region important in the European market's efforts to comply with targets set under the EU’s Renewable Energy Directive (RED), the company said.