In the capital market, it is said that capital is the last word.

If you want to say that the family is big and the business is big, the State Reserve Bureau is much stronger than Dahua Industrial. Institutions such as PetroChina and Sinopec often appear in the international oil market as a hard force, buying and selling futures without bank leveraged loans, and delivering when they lose money, and the annual output of hundreds of millions of tons of crude oil is their solid backing.

But to get the National Reserve, PetroChina or Sinopec to buy $2 billion in futures contracts in one go, no leader can be ruthless.

It's a lot of responsibility!

From the perspective of power, the significance of domestic institutions investing $200 million to buy oil futures is not much different from buying $2 billion in oil futures profits. However, the meaning of $200 million in a loss and $2 billion in a loss is completely different.

Zhu Enbo knows a lot about the style of state-owned enterprises, and the $500 million proposed is still made on the basis of $200 million in profits, which is equivalent to investing between $20 million and $30 million in terms of bank leverage

Appearing in the face of a country, the tens of millions of dollars are indeed shabby enough. But in absolute terms, it's a lot. Therefore, after a short period of surprise, Zhu Enbo said in disbelief: "A margin of 100 million US dollars is enough for a contract of 1 billion US dollars, and it is not enough for a futures contract of 2 billion US dollars." ”

"If it is not enough, the group will consider a margin call to $250 million. "Sioux City is the boss, so to speak. Any official who is replaced by the National Reserve can only work according to the established policy.

The $250 million in 1990 was no longer an ordinary banknote, but a large amount of money that could accept the admiration of the governor.

Zhu Enbo asked sensitively: "Does Dahua Industrial have so much money?"

"The Setan oilfield is a new oilfield, and in addition to signing some fixed supply agreements with Formosa Plastics, the newly mined crude oil is free to enter the market, so the profits are relatively lucrative. Other than that. Both Pudong's real estate and Dahua Gas' pipelines have received high ratings from foreign banks. Financing channels are smooth. Sioux City explained simply.

As an oil company with ultra-high cash flow, oil companies are very similar to large steel and large transportation companies. A debt ratio of 90% can operate normally, and a debt-to-asset ratio of 60% will be broken by banks. Say why are you so conservative. If you try it for a food company, a 40% asset-liability ratio will be forcibly collected, and a 25% asset-liability ratio will be said to be too unhealthy......

Zhu Enbo sighed. Secret road: With such a large amount of money, what is it bad to invest in the furnace of futures......

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

That's faith!

Everyone can tell why. However, the two have different confidence in the reasons they have stated.

Zhu Enbo thinks that the price of oil will rise, so he is ready to buy more with 200 million US dollars. However, if he is asked to buy more with $1 billion, it will not work. It shows that his confidence in the rise of oil is not as strong as he imagined.

Zhu Enbo was silent, and the others were silent.

Su Dongyuan was radiant, and couldn't help but compare the advantages and disadvantages of Su Xing and Su Cheng, thinking: If Su Xing hadn't been too stiff with Su Cheng. Now you may still have a place to rely on to do business, at least in terms of funds...... You might even be able to learn some tricks......

Su Dongyuan finally sighed secretly: If only God gave Su Cheng's ability to Su Xing, it would be better to avoid the restlessness of the family now. What's the use of an illegitimate child doing such a big business. It's not good for the family. On the contrary, it is easy to have a confrontation......

Director Mao and Hou Haiqing admired Su Cheng very much. It's hard to talk big in this situation, and $1 billion is $1 billion. $2 billion is $2 billion. In their eyes, Sioux City's courage to make such a decision is already admirable.

Su Zhenguo squinted, not knowing what to think.

After a long time, Su Zhenguo opened his eyes, his eyes were full of power, and asked, "What is the total amount of oil futures purchased for 500 million US dollars?"

"About 15 million barrels. 2 million tons. It was Zhu Enbo who answered.

"How much money can you make if the price of oil goes up according to your predictions?"

"If it goes above $40, the profit expectation is nearly 30%, which is equivalent to $150 million, and if it is $50, it is $250 million. Most importantly, we can deliver oil futures directly and avoid a shortage of oil. Zhu Enbo wants to put more attributes on his futures plan.

Su Cheng flattened his mouth and said: "China is an oil exporter, doesn't it have to be sold after delivery?"

As an oil exporter, the normal futures idea is to hedge, that is, to buy a short order equivalent to oil production, and buy oil prices to fall. In this way, if oil rises, although the short order loses, the spot oil rises, and there is no loss or profit. If the price of oil falls, the spot oil loses money, but the short order generates a profit, and it is also not a loss or a profit. Hedging may sound like a futile exercise, but in reality, it eliminates the price risk in oil production and ensures that oil producers are profitable.

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

From this line of thinking, the insurance practice of the National Reserve Bureau or PetroChina is to buy the fall 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 will make the decision to buy up.

At this time, the decision of the National Reserve Bureau is actually out of its own work and belongs to the gray area.

At this point in the face-to-face discussion, Junem Boluo was a little weak-hearted. However, thinking of the story of the soaring oil prices during the second oil crisis, Zhu Enbo did not back down after all: "Once the war breaks out, the supply of oil will become extremely tight, and the purchase of oil is not only a purely economic issue, but also should take into account the corresponding political and diplomatic implications. On this point, PetroChina and Sinopec also agree. ”

Su Cheng couldn't help but smile and said, "The more oil they have, the more power they have to speak." What about 15 million barrels of oil for the country. The decision is made by the country that produces 1.5 million barrels per day. ”

Zhu Enbo froze. "Maybe you can increase the contract amount. ”

Su Cheng immediately asked, "How much?"

"This ......" Zhu Enbo could only look at Su Zhenguo and Director Mao. He can't be the home of the National Reserve. Not to mention the home of PetroChina and Sinopec.

Su Zhenguo laughed twice, but looked at Su Cheng and said, "Dahua Industrial's crude oil." Where is it going to be sold now?"

"Formosa Plastics gets a portion of it, and the rest is sold on the market. ”

"Give you a year, can you come up with 15 million barrels of oil?"

"Absolutely. It's just half a year's of our output. ”

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

Zhu Enbo was terrified when he heard this. He doesn't want that, pure buying and gains in the futures market are two different concepts, which makes the Fed less valuable on the oil battlefield.

Zhu Enbo was still thinking about how to refuse, and Su Cheng spoke first: "I don't really want to sell crude oil to the National Reserve." If the price of oil really goes down. Isn't the National Reserve going to lose money? I'm worried that there will be bad remarks. My suggestion is that the National Reserve do their job of hedging and leave the futures market to our self-financing companies. ”

Zhu Enbo's face turned red and white for a while. A national agency that does futures. In fact, it is the National Reserve Material Adjustment Center. A very low-key national financial institution, itself only does financial futures. With the money of the state, with the materials of other departments. For them, they do not have to bear the losses, and they really lack the confidence of self-financing units.

Director Mao never said a word, and at this time he had to come out and say to the mud: "The comrades of the State Reserve Bureau are thinking about the problem in different directions, and the traders of foreign financial institutions are not using their own money to make transactions. I think that the comrades of the National Reserve Bureau should do some more meticulous research and strive to consider it more thoroughly. Dahua Industrial is responsible for its own profits and losses, and does not participate or interfere. ”

Su Zhenguo looked at Su Cheng with a smile and asked, "What about Dahua?"

After talking for so long, Su Cheng also let go and said, "Everyone do their jobs well, and the world is peaceful." ”

The work of the National Reserve Material Adjustment Center itself is to hedge. Su Cheng knew that oil prices were going to fall, and of course he didn't want Zhu Enbo to prove himself with $200 million or $500 million, and Dahua also had its own taxes.

Su Zhenguo tapped the table with his fingers, pondered for a moment, and said, "Well, so be it." Dahua Industrial wants to do oil futures, and the comrades of the State Reserve Bureau also want to do it. Simply, everyone sits down and does it together, discusses more, discusses more, and doesn't be too stubborn. Learn from each other and learn from each other. ”

Zhu Enbo was stunned. How is this going on?

Director Mao has experienced this kind of thing many times. In the era of the planned economy, scientific research units, financial units, and local governments had to duel countless times a year in ministries and commissions, and when the professionalism was too strong or it was difficult to make decisions, they would put them together, and those who survived in the end would naturally be treated and valued better.

He coughed twice and suggested, "I'll arrange some rooms in the guest house for the comrades of the State Reserve Bureau and Dahua Industrial to live in?"

"Yes. Send people from the committee to do coordination, don't engage in confrontation, and want 60xs and unity. Su Zhenguo paused and continued: "Add the two of them to the list of policy research centers, oil prices and the world situation are inseparable, how to solve the problem of Iraq and Kuwait, the Americans open the door to discuss, we can discuss it behind closed doors." ”

Su Dongyuan's eyelids jumped. The policy research center that Su Zhenguo said is the policy research center of the State Council, which is equivalent to a think tank for state leaders. In many cases, the two are still connected.

Even if Zhu Enbo has some talent, he still can't meet the threshold of the policy research center. Su Zhenguo's move was obviously to cultivate Su Cheng.

This tendency makes Su Dongyuan feel very strange.