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Trader Unipec’s unusually large FY18 hit amounts to $688MM
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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