How an ill-timed bet on a U.S. oil refinery cost ICBCS millions [Yahoo! Finance News]
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Source: Yahoo! Finance News
By Laila Kearney and Florence Tan NEW YORK/SINGAPORE Reuters) - A team of ICBC Standard bankers celebrated in London last June after closing its first major U.S. refinery deal and gaining a foothold in the biggest energy market in the world. Just days later, the deal with refiner Philadelphia Energy Solutions went up in flames. A critical unit at the Philadelphia refinery exploded, trapping roughly 3 million barrels of ICBCS-owned oil, worth hundreds of millions of dollars, at the plant. The refinery swiftly declared bankruptcy and shut permanently. London-based ICBCS sold most of the oil at a sharp discount, and the losses pushed it into the red for 2019, according to a source familiar with the bank's finances. The source told Reuters the bank is expected to disclose in its annual earnings report in March that after selling most of its PES oil inventory at a big discount, it lost around $200 million, far exceeding the $130 million provision for losses in the first-half earnings repor
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