PetroChina's JV Has Huge Losses from Oil Derivatives

By staff reporters Eva Wu and Zhang Zheyu

(.com.cn) A joint venture of China Ocean Shipping (Group) Co. and China National Petroleum Corp has unrealized losses of billions of yuan from its oil derivatives positions, has learned.

The contracts were entered into by the Singapore unit of China Marine Bunker (PetroChina) Co Ltd, a 50-50 joint-venture, a source close to Cosco told recently.

Another source familiar with the matter said the unrealized losses are worth billions of yuan.