Unipec president suspended

Unipec president suspended

Unipec, the trading arm of China’s state-run oil refinery Sinopec, has suspended two senior staff after risky bets on oil prices earlier this year led to heavy trading losses.

Company president Chen Bo and Communist Party secretary Zhan Qi have both been suspended at Unipec, the world’s largest dirty spot charterer.

Oil prices have tumbled in recent days, crashing from earlier highs this year of $85 per barrel.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts