China's Sinopec Corp has ended a five-year crude oil purchasing strategy to...
SINGAPORE - China’s Sinopec Corp has ended a five-year crude oil purchasing strategy to rein in the speculative derivatives activity of its trading arm Unipec after a record trading loss late last year, four people with direct knowledge of the matter told Reuters.
The formula-based cost target, though, was blamed by two of the sources for driving speculative trades that led to a nearly $700 million loss for Unipec in the final quarter of 2018. Unipec cut back its over-the-counter paper activities shortly after news of the fourth-quarter loss broke, said a trader active in derivatives.
The sources declined to be named because of the sensitive nature of the matter. Sinopec declined to comment on the change in purchasing strategy. But it also was a factor in the fourth-quarter loss, which occurred amid an unexpected plunge in global oil prices that caught many traders off-guard, and led to Unipec posting a net loss of 4 billion yuan for the whole of 2018 as reported by Sinopec last month.
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