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Four people familiar with the matter told Reuters that Sinopec's record trading losses at the end of last year prompted the company to stop implementing its five-year crude oil purchase strategy in order to limit its union's speculative derivatives activities.
Sinopec (600028.SS), Asia's largest crude oil buyer and refiner, abandoned a purchasing formula that has been used since January 2014 to set assessment targets for Unified Petrochemical and is committed to reducing crude oil raw material costs to a preset level of discount on global oil prices.
According to Sinopec's annual report, according to this strategy, during 2014-2017, Unified Petrochemical gained a total net profit of 16.6 billion yuan ($2.5 billion), of which in 2016 it reached a record high of 6.17 billion yuan.
But two of the people familiar with the matter criticized the formula-based cost target as driving speculative trading, which led to a loss of nearly $700 million in the fourth quarter of 2018.
"The company's headquarters believes that the failure of the transaction may be attributed to that procurement plan," said one of the sources. "They tried to find a better way to manage (Sinopec) procurement, but now they chose to give up."

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