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China demands bigger say in setting commodity prices

(Xinhua)
Updated: 2009-04-20 09:20

ACTION BEFORE CRISIS

The volatile external conditions forced many Chinese energy enterprises to seek their own way to offset the negative impacts of price fluctuations.

Cost saving has always been important to CNOOC, said Fu. "We have cut the cost to US$19.78 per barrel, and that has allowed us to get through with ease when prices fall."

"We step up investment with the current cheap prices, and that will help us flourish after the crisis," Fu said.

To offset the negative impacts of price changes, many Chinese enterprises have been engaged in hedge trading and other derivative products investment, but many failed with mounting losses.

"CNOOC has lost nothing, since we use hedge trading to preserve value, rather than make money," he said.

"Hedge trading is not speculation," said Fu who has 30 years of experience in the oil industry.

Fu called on Asian countries to negotiate with the world's major crude oil suppliers, as Asian nations have to pay US$1 to 2 more per barrel  than other buyers.

Zhang Xiaoqiang noted China will continue to liberalize domestic prices of energy products and resources, saying the recent reform of refined oil prices is a good start.

"We should beef up our commodity reserve to ensure plenty supply in order to offset the negative impacts of big price changes," Zhang said.

As the Chinese government has announced plans to build the second batch of national oil reserve bases, enterprises can try to have their commercial energy reserves in the future.

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