Greater ChinaOperations
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.