Shennandian was originally a power company with stable benefits and good operation, but after gambling with Jierun Company, a subsidiary of Goldman Sachs, Shennandian is now in turmoil.
Shennan Electric Power Company announced on June10,21day, and signed the option contracts with Jierun (Singapore) Private Company, a wholly-owned subsidiary of Goldman Sachs Group Co., Ltd. on March 12, 2008. The contract did not fulfill the decision-making procedures as required, nor was it disclosed in time.
The confirmation of option contract is divided into two parts. In the confirmation letter valid from March 3, 2008 to February 3, 20081day, both parties agreed that when the floating price is higher than US$ 63.5/barrel, Shennan Power will get a monthly income of US$ 300,000; When the floating price is lower than $63.5/barrel and higher than $62/barrel, Shennan Power can get a monthly income of (floating price-$62/barrel) × 200,000 barrels; When the floating price is lower than $62/barrel, Shennan Power needs to pay Jierun a fee equivalent to $62/barrel (floating price) × 400,000 barrels per month. The "floating price" agreed in the confirmation refers to the arithmetic average of the closing settlement price of the New York Mercantile Exchange light crude oil futures contract in the current month. The second time period is 65438+1 October1to 2010 65438+1October 3 1 next year, giving priority to the opponent. In this contract, the benchmark oil price is increased by $3/barrel compared with the first one.
Since the oil price did not fall below $62/barrel in the first seven months of gambling, Jierun Company has paid a total of $26,543,800 to the account of Hong Kong Xingdesheng Co., Ltd., a wholly-owned subsidiary of Shennandian.
Obviously, Shennan Power signed an option contract with Jierun, a subsidiary of Goldman Sachs, with a certain income but an uncertain loss. It is not difficult to see from the contract that the profit condition of Shennandian in the first period of this gambling agreement is that the floating price is higher than 62 dollars/barrel, but when the floating price is higher than 63.5 dollars/barrel, even if the oil price is higher, the highest monthly profit of Shennandian is constant at 300,000 dollars. Unlike Shennan Power, Jierun Company bet on a drop in oil prices. If the floating price falls below $62/barrel in the future, Jierun will gain an additional $400,000 for every $65,438+$0 drop.
It is worth noting that when Shennan Power signed this gambling agreement, it was the period when oil prices soared. At that time, the average price of oil was around $65,438+000/barrel. However, the situation reversed in June 10. 10 year1On October 24th, the light crude oil futures price for February delivery in the New York Mercantile Exchange closed at USD 62.85. Since then, the price of crude oil has been falling all the way, and Shennan Power is facing huge economic losses. At this time, the undisclosed illegal gambling in Shennan Store has also been exposed, and Shennan Store publicly declared that it will solve this matter as much as possible. In June165438+1October, Jierun Company tore up the contract with Shennan Electric Power Company, and Shennan Electric Power Company passively transferred assets to reduce losses. Waiting for Shennan Electric Power Company will be a difficult breach of contract negotiation.