Press "Enter" to skip to content

Sinopec suspended two senior officials for oil trading losses

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 . . .

To continue reading, please subscribe:

SUBSCRIBE

We highly value independence. Yuan Talks is solely funded by subscriptions from thousands of intelligent readers like you. 

Not satisfied with general information that you can get everywhere? Join us now! We go deeper to bring you details, data and perspectives you won't read elsewhere!

What you'll get:

  • In-depth & data-driven reporting on China's economy and financial markets
  • Daily Brief newsletter delivered before market open every weekday. You don't have to spend time to source information about this market. We do it for you! You only need to spend 10 minutes every day to read our newsletter! 
  • Exclusive interviews with China experts. We find you insights you should never miss!
  • Conference calls and events. Nothing is better than talking to newsmakers, experts and reporters directly, right?

 

Already have an account? Sign In

 

Top