Chapter 272 Do your own thing

In the capital market, if you say one thousand or ten thousand, capital is the reason.

To say that the family is big, the State Reserve Bureau is much stronger than Dahua Industry. Institutions such as PetroChina and Sinopec often appear in the international oil market. They do not use bank leveraged loans to buy and sell futures. If they lose money, they will be delivered. The annual output of hundreds of millions of tons of crude oil is their solid backing.

However, no leader can be ruthless to let the State Reserve Bureau, PetroChina or Sinopec buy a $2 billion futures contract in one go.

The responsibility is too great!

From the perspective of power, domestic institutions invest 200 million US dollars to buy oil futures for profit, which is almost the same as the significance of buying 2 billion US dollars for oil futures. However, the meaning of $200 million is completely different from the loss of $200 million and the loss of $2 billion.

Zhu Enbo is well aware of the style of state-owned enterprises. The proposed $500 million is still based on the profit of $200 million. In terms of bank leverage, it is only equivalent to investing 20 million to 30 million US dollars in the face of the country. Tens of millions of dollars are indeed shabby. But it's really a lot in terms of absolute quantity. Therefore, after a brief surprise, Zhu Enbo said in disbelief: "A $100 million margin is enough for a $1 billion contract, and a $2 billion futures contract is not enough."

"If it is not enough, the group will consider a margin increase of $250 million." Because Su Cheng is the boss, he can say so. Any official of the State Reserve Bureau can only work in accordance with the established policy.

The $250 million in 1990 can no longer be regarded as ordinary money, but the amount of money that can be worshipped by the governor.

Zhu Enbo asked, "Does Dahua Industry have so much capital?"

"The Sertan oil field is a new oil field. In addition to signing some fixed supply agreements for Formosa Plastics, the newly extracted crude oil is [from] to enter the market, so the profit is relatively rich. In addition, Pudong's real estate and Dahua Gas Company's pipelines have been highly evaluated by foreign banks, and the financing channels are very smooth.

" Su Cheng explained two sentences briefly.

As an oil enterprise with ultra-high cash flow, oil enterprises are very similar to large steel and large transportation enterprises. 90% of the debt ratio can work normally, and 60% of the asset-liability ratio will be broken by the bank. Why are you so conservative? Try it for a food company. 40% of the asset-liability ratio will be forcibly collected, and the 25% asset-liability ratio will be said to be too unhealthy...

Zhu Enbo sighed and said secretly: If you have such a large amount of money, you have to invest in the furnace of futures...

In an instant, Zhu Enbo realized Su Zhenguo's intention to ask questions.

This is confidence!

Everyone can give a reason. However, the two have different confidence in the reasons they have explained.

Zhu Enbo thinks that the price of oil will rise, so he is going to buy more with 200 million US dollars. However, it won't work if he buys more for 1 billion US dollars. It shows that his confidence in the oil rise is not as good as he thought.

Zhu Enbo kept silent, and the others didn't say anything.

Su Dongyuan was full of light, and he couldn't help comparing the advantages and disadvantages of Su Xing and Su Cheng. He thought: If Su Xing hadn't been too stiff with Su Cheng, he might still have a reliance in doing business now, at least there is no need to worry about the capital... Maybe he can learn some skills...

Su Dongyuan finally sighed: If only God had given Su Xing the ability of Su Cheng, so as to avoid the restless house now. What's the use of an illegitimate child doing such a big career? It's not good for the family, but it's easy to compete...

Director Mao and Hou Haiqing admire Su Cheng very most. It's not easy to talk big on such occasions. 1 billion US dollars is 1 billion US dollars, and 2 billion US dollars is 2 billion US dollars. In their eyes, it is admirable that Su Cheng dares to make such a decision.

Su Zhenguo squinted and didn't know what he was thinking.

For a long time, Su Zhenguo opened his eyes, his eyes were majestic, and asked, "What is the total amount of $500 million in oil futures?"

"About 15 million barrels. 2 million tons." The answer is Zhu Enbo.

"How much money can you make if the price of oil rises according to your expectations?"

"If it rises to more than $40, the profit is expected to be nearly 30%, which is equivalent to $150 million. If it is $50, there will be an increase of $250 million. Most importantly, we can directly deliver oil futures to avoid oil shortage. Zhu Enbo hopes to put more attributes on his futures plan.

Su Chengbian said, "The country is an oil exporter. Isn't it still going to be sold after delivery?"

As an oil exporter, the normal futures idea is hedging, that is, buying short orders equivalent to oil production, and buying oil prices fall. In this way, if the oil rises, although the short order will lose money, the oil spot will rise, and it will not be lost or profitable. If the oil price falls, the spot oil will lose money, but the short order will make a profit, and it will not be profitable. It sounds like hedging has done a useless job, but in fact, it eliminates the price risk in oil production and ensures the fixed profits of oil producers.

If oil traders want to make more money, don't look at the rise in oil prices. It is reasonable to find ways to increase production efficiency, reduce costs and increase production. This is also the main value of the futures market.

From this point of view, the insurance practice of the State Reserve Bureau or PetroChina is to buy down and eliminate the risk of the Gulf War. It is only because of the self-confidence of Zhu Enbo or a large number of old futures people that they make the decision to buy up.

At this time, the decision of the State Reserve Bureau actually got rid of its own job, which is a gray area.

To this extent of the face-to-face discussion, June Polho is a little guilty. However, thinking of the story of soaring oil prices during the second oil crisis, Zhu Enbo did not flinch after all: "Once the war occurs, the supply of oil will become extremely tight. Buying oil is not only a pure economic problem, but also the corresponding political and diplomatic impact should be taken into account. The more oil we have, the more we have a say The larger it is, even if it is re-transferred, it can get benefits other than profits, such as exchanging technology. PetroChina and Sinopec also agree on this.

Su Cheng couldn't help smiling and said, "The more oil they have, the more they have a say. For the country, what about 15 million barrels of oil? The decision is made by the country that produces 1.5 million barrels a day.

Zhu Enbo stagnated and said, "Maybe it can increase the contract amount."

Su Cheng immediately asked, "How much is it?"

"This..." Zhu Enbo could only look at Su Zhenguo and Director Mao. He can't be the home of the State Reserve, let alone the home of PetroChina and Sinopec.

Su Zhenguo laughed twice, but looked at Su Cheng and said, "Where is the crude oil of Dahua Industry sold now?"

"Taiwan Plastics got part of it, and the rest was sold in the market."

"Can you take out 15 million barrels of oil for a year?"

"Of course, it's just our half-year output."

Su Zhenguo smiled and said to Zhu Enbo, "In this case, isn't everyone happy that Dahua Industry mortgaged crude oil to the State Reserve Bureau? The crude oil reserves of the State Reserve Bureau have increased, and Dahua Industry has received more funds, which is equivalent to shorting in advance..."

Zhu Enbo was frightened when he heard it. He doesn't want this. Pure buying behavior and acquisition in the futures market are two concepts, which reduces the value of the State Reserve in the oil battlefield.

Zhu Enbo was still considering how to refuse. Su Cheng said first: "I don't want to sell crude oil to the State Reserve Bureau. If the oil price really falls, won't the State Reserve lose money? I'm afraid there will be bad [words]. My suggestion is that the State Reserve Bureau should do a good job of their hedging, and the futures market should be handed over to our own companies.

Zhu Enbo's face turned red and white. The state institution that makes futures is actually the material adjustment center of the State Reserve, a very low-key national financial institution. It only makes financial futures, using the country's money and the materials of other departments. For them, they don't have to bear the losses themselves, and they really lack the confidence of self-financing units.

Director Mao never said a word. At this time, he had to come out and say, "The comrades of the State Reserve Bureau consider the problem in different directions. Traders in foreign financial institutions are not trading with their own money. I think the comrades of the State Reserve Bureau will do some more detailed research and try to consider it more carefully. Dahua Industry is responsible for its own profits and losses, and does not participate in non-interference.

Su Zhenguo looked at Su Cheng with a smile and asked, "Where's Dahua?"

After talking for so long, Su Cheng also let go and said, "Everyone do your own work well and the world is at peace."

The National Reserve Material Adjustment Center's own job is hedging. Su Cheng knew that the oil price was going to fall. Of course, he didn't want Zhu Enbo to take 200 million US dollars or 500 million US dollars to prove himself. There are also Dahua's own taxes.

Su Zhenguo knocked on the table with his finger, pondered for a moment, and said, "Well, that's it. Dahua Industry wants to make oil futures, and comrades of the State Reserve Bureau also want to do it. Simply, let's sit down and do it together, discuss more and discuss more, and don't be too stubborn. Learn from each other and learn from each other.

"

Zhu Enbo was stunned. What's going on?

Director Mao has experienced this kind of thing a lot. In the era of planned economy, scientific research units, financial units and local governments have to duel countless times in ministries and commissions every year. When the professionalism is too strong or difficult to make a decision, it can be put together. In the end, the group that survives will naturally get better treatment and attention.

He coughed twice and suggested, "I arranged some rooms in the hostel for the comrades of the State Reserve Bureau and Dahua Industry to live there?"

"Yes. Send people from the commission to coordinate, don't engage in antagonism, be independent and united. Su Zhenguo paused for a moment and continued, "Add the two of them to the list of the Policy Research Center. Oil prices are inseparable from the world situation. How to solve the problems of Iraq and Kuwait? Americans open the door to discuss, and we can close the door to discuss."

Su Dongyuan's eyelids jumped straight. According to Su Zhenguo, the policy research center is the policy research center of the State Council, which is equivalent to the think tank of national leaders. In addition to professional scholars, it is the key cadres trained by the state. Most of the time, the two are still connected.

Even if Zhu Enbo has some talents, he is still not up to the threshold of the Policy Research Center. Su Zhenguo's move was obviously to cultivate Su City.

This tendency makes Su Dongyuan feel very strange.