Natural gas

In receiving its award for risk management at the Chinese-government sponsored Creative Management awards in Singapore in January 2004, the chief executive of China Aviation Oil (Singapore) Company (CAOSCO) Chen Jiulin said risk management was at the heart of his organisation’s business practice.

Empty words, it seems.As we went to press, his firm had admitted to $550 million in losses from oilderivative trading. Losses for each of the 10 traders at CAOSCOwere limited to $500,000, which

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