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Article: Singapore & China: High oil prices hit CAO's H2 trading plans.
- Article from:
- TendersInfo
- Article date:
- August 6, 2008
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Byline: yunus205
CAO, which supplies jet fuel to China's airports, did resume derivative trading of the aviation fuel on a small scale towards the end of the second quarter, Meng Fanqiu, its new chief executive officer said, adding that it 'will focus on growing the jet fuel trading business cautiously within our means and resources'.
CAO earlier hit with US$550 million of losses from a 2004 speculative derivatives trading scandal - had planned to resume oil trading proper here in the second half, but this time with the proper checks and credit limits in place.
The company reported second-quarter net profit of US$17.5 million. down 88 per cent ...