oil & gas assets
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Trader Unipec’s unusually large FY18 hit amounts to $688MM

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After coming out publicly with news in early January that Sinopec’s oil trading arm Unipec had suffered significant losses, the company confirmed Jan. 25 that the business’ net loss was $688 million in 2018. Bad hedging decisions and market volatility were blamed for the losses, some of the biggest by a commodity trader in the last decade. Earlier reports said analysts and industry watchers had estimated losses from Unipec’s trades in 4Q18 at RMB 10 billion ($1.45 billion). Such numbers may......
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