Chinese state-owned oil giant Sinopec Corp has confirmed that it had suspended two top executive of its trading arm Unipec after the unit suffered losses on crude oil trading, according to a Sinopec filing to the Hong Kong stock exchange late Thursday.
Unipec President Chen Bo and Communist Party chief Zhan Li were suspended for “work-related reasons,” shows the filing.
Unipec, a wholly owned subsidiary of Sinopec, “has suffered losses in some crude oil transactions due to slumping oil prices,” according to Sinopec, which did not specify the size of the losses as it is evaluating details.
Sinopec . . .
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