According to relevant regulations, currently INE can carry out 

Exchange for Physicals (EFP) for both standard warrants and nonstandard warrants. At present, the following two types of nonstandard warrants for EFP can be conducted:

1)Both the buyer and seller are domestic institutions. The 

underlying delivery asset is the crude oil, which has been paid by 

seller in RMB and responsible by seller to conduct import customs 

procedure and formalities.

2)The buyer is a domestic institution and the seller is an overseas 

institution. The underlying delivery asset is the crude oil, which has 

been paid by buyer in RMB or foreign currency and responsible by 

buyer to conduct import customs procedure and formalities.

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