Shanghai's crude futures contract

SINGAPORE/SHANGHAI, Nov 14 (Reuters) - The Shanghai Futures Exchange (SHFE) plans to launch an oil futures contract that will compete to become the benchmark price for the 30 million barrels of crude consumed in Asia every day.

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Here are details of the planned contract from industry officials with direct knowledge of the plan. The plans are subject to change and are awaiting a greenlight from the central government.

Venue: Shanghai Futures Exchange

Contract unit: 100 barrels; versus 1,000 barrels for global benchmarks WTI and Brent as China aims to also attract retailers' interest.

Crude stream: medium sour oil with an API gravity of 30-34 and a maximum 2 percent sulphur content. The oil matches the grades bought most by Chinese, Japanese and South Korean refiners. Candidates include Oman, Dubai, Basra Light, Masila, Upper Zakum, Qatar Marine. China's onshore crude Shengli, also a medium, sour grade may be added, though not for delivery.

Contract durations: monthly contracts for the first twelve months out. Contracts for March, June, September and December for the following two years.

Delivery points: Bonded storage facilities in Dalian, in northeast China and in Zhoushan and Zhenhai, both near Shanghai.

Crude delivered against the contract could actually be shipped to China and its north Asian neighbours, in 600,000-barrel cargoes.

Currency: Under the draft contract framework, the contract would be priced in both the yuan and the U.S. dollar, and will be able to be traded in bonded warehouses. (Reporting by Florence Tan, Fayen Wong and Chen Aizhu; Editing by Simon Webb)

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