Introduction of Oil Derivatives MarketszDecision to hold position or to hedge. COMMODITIES CAPITAL...

Introduction of Oil Derivatives MarketsHangzhou, China

21 June 2004

Jeffrey Chen

Director, Energy Risk Management

Part OneBasics of International Oil Market

COMMODITIES CAPITAL MARKET

Overview of the oil marketFundamental imbalances

Prod

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North AmericaPr

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Europe

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Asia Pacific

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Latin America

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FSU

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Middle EastPr

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Africa

World Production: 75.1 mb/dRefining capacity:80.4 mb/dConsumption: 74.1 mb/d


Overview of the oil marketFundamental imbalances

2 000

2 500

3 000

3 500

4 000

4 500

Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04

US d

istil

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6 000

6 500

7 000

7 500

8 000

8 500

9 000

9 500

10 000

US gasoline demand ('000 bbl)

Gasoline

Distillates


Overview of the oil marketPrice markers

West Texas Intermediate400,000 bbl/dayCushing, Oklahoma

Brent Blend326,000 bbl/daySullom Voe, Shetlands

Dubai166,000 bbl/dayFatah, UAE Tapis

696,000 bbl/dayKerteh, Malaysia


Overview of the oil marketPrice markers

US Gulf Coast7,807,948 bbl/day

Rotterdam-Amsterdam-Antwerp2,038,000 bbl/day

Singapore1,255,000 bbl/day


Overview of the oil marketWhat moves the market?

Political factorsOPEC decisionsTension (Terrorists attack) in the Middle-EastCivil unrest in AfricaInternal situation in RussiaIraq

Weather patternsWinter in the northern hemisphereHurricane seasonHeatwaves in southern USA/northern Asia

Economic outlookGrowth prospectsComparative price of competing energy sources


Overview of the oil marketWhat moves the market?

-80

-60

-40

-20

20

40

60

80

100

01/ 94 01/ 95 01/ 96 01/ 97 01/ 98 02/ 99 02/ 00 02/ 01 02/ 02 03/ 03 03/ 04$10

$14

$18

$22

$26

$30

$34

$38

$42Funds net posit ion on WTI (Mb)WTI price ($/ b)


Traded marketsDefinitions

Spot Forward Future OTC

Physical Yes Yes Yes No

Bookout No ? Yes No

Regulated No No Yes No

Margin ? No Yes ?

Liquidity Low High High ?

Options No No Yes Yes


Traded marketsThe paper markets

Spot Forward Future OTC

Trader Yes Yes Yes Yes

Refiner Yes Yes Yes Yes

Producer ? ? Yes Yes

Consumer ? No Yes Yes

Bank No No Yes Yes

Fund No No Yes No


Traded marketsBrokers and principals

Brokers can specialize on physical markets, forwards, futures or OTC.

They execute orders on an exchange or offer to find a counterparty for a desired trade. They can have a market assessment function.

They do not take risk and normally do not trade on their account. Rather, they charge commission on a volume basis.

Principals run their own books. They take opposite sides of a trade and manage price and credit risks. Sometimes they “make a market”.

Deals can be done through brokers or directly from principal to principal.


The OTC marketPhysical traders and financial players

A physical trader will use the paper market:as a complement to his physical deals.as a way to leverage his privileged information.

Markets were developed initially by this community:Russian Roulette gasoil market in RotterdamBrent 15-day market in LondonSingapore swaps market

Financial players look only at the paper side from a very theoretical point of view. They aim to:

leverage their risk management expertise.Build on their extensive customer portfolio.Secure financial transactions.


The OTC marketHow is the market organised?

A lot of preparation is involved:Clearing credit.Finalizing documentation.

The life of a deal is in three steps:Deals are traded over the telephone. Conversations are taped and legally binding in case of dispute.Written confirmation follows within a few days, and should be returned executed by the counterparty for approval of terms.Cash settlement is undertaken at expiry.

The legal framework consists of:Master agreement: ISDA is becoming the norm.Margin agreement.Confirmation.


The OTC marketCredit risk assessment

Counterparty risk is an evaluation of the average amount of money that may be due by the counterparty to the trade at settlement. It depends on the following parameters:

Volatility of underlying price referenceTime to expiryRelative position of spot and strike pricesSize of the deal

Country risk is an assessment of the cost of insurance against the risk that the counterparty to the trade may not be in a position tohonor its financial obligations at settlement:

Foreign exchange constraintsLegal changesWar, disaster...


Applications to hedgingHedging or speculation?

Hedging...

…or speculation?

Part TwoBasics of Oil Derivatives


Market organisationMarket organisation

Physical MarketPhysical Market

Forward MarketForward Market

Futures MarketFutures Market

Derivatives Derivatives MarketMarket Financial Financial

MarketsMarketsFundsFunds


Oil derivatives: General features

Derivatives are financially settled and do not usually imply physical delivery.

Settlements are based on recognized international benchmark prices (Platt's Marketscan, IPE, Nymex or other references)

Contracts can last from a few months to several years.


Why use oil derivatives ?

Short term exposure management :Short term exposure management :flexibilityflexibility

in applicationin applicationin timingin timing

Long term exposure management:Long term exposure management:Balance sheet managementBalance sheet managementrevenue managementrevenue management


Why use oil derivatives ?

Risk management : Starting point :Risk management : Starting point :Risk identification:Risk identification:

Actual or contingent on commodities, currencies or Actual or contingent on commodities, currencies or interest ratesinterest rates

Risk quantification:Risk quantification:Sensitivity of profit to the considered variablesSensitivity of profit to the considered variables

Evaluate desirable level of riskEvaluate desirable level of riskDecision to hold position or to hedgeDecision to hold position or to hedge


The measure of risk The measure of risk The risk chain in the oil industryThe risk chain in the oil industry

ProducerProducer

TraderTraderRefinerRefiner DistributorDistributor

ConsumerConsumer

AbsoluteAbsoluteprice levelprice levelRelativeRelative

price levelprice level

Inventory ManagementInventory Management


Who use oil derivatives ?

Commercial participantsCommercial participantsProducers :Producers :

crude, natural gascrude, natural gasRefiners:Refiners:

crude, gasoline, crude, gasoline, gasoilgasoil, jet, fuel, jet, fuelTransport companies (airlines, shipping, trucking companies, touTransport companies (airlines, shipping, trucking companies, tour r operators) :operators) :

crude, gasoline, crude, gasoline, gasoilgasoil, jet fuel, jet fuelIndustry:Industry:

crude, natural gas, crude, natural gas, gasoilgasoil, fuel, fuelUtilities:Utilities:

crude, natural gas, crude, natural gas, gasoilgasoil, fuel, fuelNon Commercial participantsNon Commercial participants

•• Speculators, Investors, Funds, ….Speculators, Investors, Funds, ….


Which oil derivatives?

ForwardsForwards

SwapsSwaps

OptionsOptions

Spread optionsSpread options

Exotic optionsExotic options

Structured productsStructured products


Oil futures exchanges

NYMEXIPE

SGX

TOCOM

SHFE


NYMEX Futures ContractsNYMEX Futures Contracts

NYMEXNYMEX

Heating Oil N°2

Unit: 42,000 GallonsMaturities: 18 monthlyDelivery: FOB NY Harbour

Light Sweet Crude (WTI)

Unit: 1,000 BarrelsMaturities: 30 monthly

2 quarterly4 yearly

Delivery: Pipe Cushing, Ok

Unleaded GasolineUnleaded Gasoline

Unit: 42,000 GallonsMaturities: 18 monthlyDelivery: FOB NY Harbour

Natural Gas

Unit: 10,000 MMBtusMaturities: 36 monthlyDelivery: Henry Hub, La

ElectricityElectricity

Unit: 736 Unit: 736 MWhMWhMaturities: 18 MonthlyMaturities: 18 MonthlyDelivery: CaliforniaDelivery: California--Oregon Oregon Border or Paolo Verde, Border or Paolo Verde, ArAr


IPE Futures ContractsIPE Futures Contracts

IPEIPE

Brent Blend

Unit: 10,000 BarrelsMaturities: 12 monthly

4 quarterly2 semi annual

Delivery: Cash Settlement

Gasoil

Unit: 100 TonsMaturities: 12 monthly

2 quarterlyDelivery: barges ARA

Natural Gas

Unit: 5,000 Th per dayMaturities: 12 monthlyDelivery: National Balancing Point


The OverThe Over--TheThe--Counter instrumentsCounter instruments

Jet fuelJet fuel

Crude oilCrude oil GasoilGasoil

Fuel oilFuel oil

RefiningRefiningTradingTrading

DistributionDistribution


OTC European references (Platt’s)OTC European references (Platt’s)FOB

bargesRott.

FOBcargoes

Med.

CIFcargoes

Med.

FOBcargoes

NWE

CIFcargoes

NWE

Brent IPEBrent IPEBrent datedBrent dated

Fuel oil 1.0%Fuel oil 1.0%Fuel oil 3.5%Fuel oil 3.5%

Jet FuelJet FuelEN590EN590GasoilGasoil 0.2%0.2%

LPGLPGGasolineGasolineNaphthaNaphtha


SwapSwap

Swap allows the consumer (producer) to obtain a fixed Swap allows the consumer (producer) to obtain a fixed purchasing (selling) price, whatever the prices variations may purchasing (selling) price, whatever the prices variations may be.be.

It like a forward except that, on expiration, the fixed price It like a forward except that, on expiration, the fixed price (swap price) is compared to an average spot price over a (swap price) is compared to an average spot price over a period which is agreed upon in advance.period which is agreed upon in advance.

The difference is settle in cashThe difference is settle in cash..


Principle of SwapIt is the exchange at a future date of a fixed price (known) for a floating price (unknown) between two counterparties.

The fixed price payer is buying the swap.

The floating price payer is selling the swap.

Only the netted amount (fixed over floating or floating over fixed) is actually settled by the counterparties.

Fixedprice

Floatingprice


OTC Options OTC Options

Most of the OTC option is Asian Style. it is cash-settled against the average of a specified period (usually one month). The Asian option has an automatic exercise. The followings are the popular strategies on oil market:

The CollarThe CollarThe Ratio CollarThe Ratio CollarThe Call & Put spreadsThe Call & Put spreadsThe Put The Put vsvs Call spread & the Call & Put spreadCall spread & the Call & Put spreadThe Capped SwapThe Capped Swap


Exotic OptionsApplying leverage

The most popular products include:“one-by-two” collars: for every cap, two floors are sold, with the net effect of lowering the floor level.“range” swaps: the swap disappears when the settlement price is above a set trigger, with the net effect of lowering the initial swap level.“extendable” swaps: the bank has the option of extending the swap for a further period upon expiry, with the net effect of lowering the swap value.“escalator” swaps: the swap level is reset when it reaches one or several trigger levels, with the net effect of lowering the initial swap level.

SG can offer any other combination of swaps and options on demand.

Annex 1SG in Oil Trading


Our goals, our servicesSG CIB Commodities capital market Division is relationship driven and aims at

providing an integrated approach to the commodities sector. Our goals is to offer a tailor-made approach with customised solutions enabling SG CIB to meet your

expectations

Services provided include:Risk management services / Brokerage / Metal & Energy physical off-take.

Sales teams broken down by type of customer and region providing advises and strategy for your needs.

Fund raising on capital markets

Market-making on precious and base metals derivatives and gold spot

Market-making on energy derivatives

Strategic partnerships

Economic and strategy research

Strong innovation and structuring of complex trasactions

Exotic pricing : research on products suited to market environment


Commodities Capital Market Front-office Teams

New yorkParis

Singapore

Sydney

Precious MetalsBase MetalsEnergy

Precious MetalsBase MetalsEnergy

Precious MetalsElectricity

Energy

America 13 Sales & TradersEurope : 47 Sales & Traders

ASIA : 12 Sales & Traders

LondonBase Metals


Our Top Awards & Rankings

N 3 : Gasoline - Options Europe

N 3 : Fuel Oil - Options

N 1 : Gold - Forward/Averages/Swap to five years

N 1 : Fuel Oil - Swap Singapore

“Oil Products House of the Year - 2003”

“Energy/Commodity House of the Year - 2003”“Energy/Commodity House of the Year - 2001”


We offer our customers top class services to meet their expectations as bestas we can. To meet this goal, we propose our customers several services:

Regular Indicative price sending

Mark-to Market

Indicative quotes

A high quality services for your needs.

14-Aug-2003

SWAPS

Bid Offer Bid Offer Bid Offer Bid Offer Bid Of fer Bid Of fer Bid OfferIn USD / Mt onne 1st Nearby and Spot # #### # #### # #### # #### ### ## ### ## ### #

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Sour ce SG

CALL PREMUMFUEL 3.5% FOB BARGES ROTT

In USD / Mt onne Bid Offer Bid Offer Bid Offer Bid Offer Bid Of fer Bid Of fer Bid Offer#NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### #

#NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### #

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#NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### #

180 Cst SingaporeStr ike Bid Offer Bid Offer Bid Offer Bid Offer Bid Of fer Bid Of fer Bid Offer#NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### ##NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### #

3.5% fob med cargoesStr ike Bid Offer Bid Offer Bid Offer Bid Offer Bid Of fer Bid Of fer Bid Offer#NAM E? # #### #### # # #### #### # # #### ### ## # #### #### ### ## # #### ### ## # #### ### # #### #

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COLLAR str ikeFUEL 3.5% FOB BARGES ROTT

YOUR COMPANYOPEN POSITION AND MTM AT 31/12/03

Your position with us

Company Suff Way Quantity Type price Trade date Start date Settlement date Maturity date Cur Mtm USDXXX Dated Brent Sale 500 Swap 22 01/16/52 12/7/27 12/31/04 01/07/05 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/17/52 12/8/27 12/31/04 01/07/05 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/18/52 12/9/27 03/31/03 04/07/03 USD 100,000.00XXX Dated Brent Sale 450 Swap 22 01/19/52 12/10/27 06/30/03 07/08/03 USD 100,000.00XXX Dated Brent Sale 200 Swap 22 01/20/52 12/11/27 12/31/02 01/08/03 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/21/52 12/12/27 06/30/04 07/08/04 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/22/52 12/13/27 09/30/04 10/07/04 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/23/52 12/14/27 12/31/02 01/08/03 USD 100,000.00XXX Dated Brent Sale 500 Swap 22 01/24/52 12/15/27 06/30/04 07/08/04 USD 100,000.00

USD 900,000.00PURCHASE OF AN ASIAN CALLSales T eam - Commodit ies Capital Mark et

C OR POR A T E & INV ESTM EN T B A NKIN G

Pur pose

Main featur es

Cash Sett lement Ter m

1 4 August 20 0 3Buyer of the call

Seller of the call

Commodity r efer enceQuant ity 100,000 Bar rels

Per iod June-03 Q104 Q204 Q204 UnitSet llement Monthly Monthly Quater ly Monthly

Str ike Pr ice 30 18 24 23 in USD/ Bar rel

Up fr ont Pr emium 4.10 7.00 4.00 in USD/ Bar relTotal Premium 410,000 700,000 400,000 USD

Pr emium paymentCommodity r efer ence Pr ice

Calcu lation AgentSet tlement date Five Business Days following the Ex piration Date.

Unhedged Str ike of Call 30 Unit in USD / Barre l

Hedged with Call Gr ah Per iod June-03

Sydney in U SD / B arrel

M etals : (612) 9232 3811

LondonM etals : (44) 207 650 62 84

New -Yor kM etals : 1 212 278 567

Energy : 1 212 278 5608

Singapor eEnergy : +64 326 7790

Par isEnergy : +33 1 42 13 90 35

Base & Precious M etals +33 1 42 13 88 10

[email protected]

[email protected]

[email protected]

in U SD / B arrel

Société Générale

Protect ion with a guaranteed max imum purchase price, with the full profit on the downside price

If the Reference Price is below the Str ike Pr ice, no amount shall be paid by either par ty to the other (without prejudice to any amount otherwise due and unpaid).

With a payment of premium cash, a call opt ion gives the buyer the right but not the obligat ion to buy at a determined price a f ix ed quantity over a per iod of t ime.

If the Reference Price is above the Str ike Pr ice, The Cash Sett lement Amount shall be paid by the Seller to the Buyer on the Sett lement Date.

SG

SG Corporate & investment Banking / DEFI-CTY Tour Société Générale 92972 Paris La défense Cédex France

Premium has to be paid in two full working days after the trade date

All pricing is indicat ive and subject to market condit ions. Société Générale assumes no f iduciary responsability or liability for any consequences, f inancialor otherwise arinsing from relying on this informat ion. The informat ion herein is not a solicitat ion of an offer to buy or sell, any securit ies or derivat ives. Youshould consult , to the extend necessary, with your own independent , competent ,intended to be an of fer to buy or sell, legal, f inancial and other professional advisors, to ensure that any decision you make is suitable for you in the light of your circumstances and f inancial posit ion

The unweighted ar ithmetic mean of the Sett lement price per bar rel ofBRENT - IPE, for each Commodity Business Day dur ing the Calculationper iod. The Commodity reference pr ice will be rounded to the thirddecimal.

BRENT IPE

Société Générale

Strategy Profile

1 5

2 5

3 5

4 5

5 5

1 5 2 5 3 5 4 5 5 5Reference pr ice

Rea

lise

d p

rice


SG is a leader in advising, structuring and executing risk management strategies(swaps, options and exotics) for producers, consumers and refiners of oil and petroleum

products.

DEFI/CTY/MAR/NRJEnergy Trading Highlights

Established in 1989 as Inter-Bank market-maker and used derivatives expertise to evolve into a premier customer orientedspecialist.

Global Trading Book on Crude Oil and Products Derivatives.Paris, New York, Singapore, Sydney.Over $ 90 billion of notional value traded in 2002; a volume equivalent to 4,200 Mios bbls.

Strong experience in Physical Gas trading.Total sales of over 300 Twh in 2002.Strong expertise in commodity nominations procedures.

SG Energy Derivatives Group serves 350 corporate clients in over 50 countries.


Energy services capacity

SG has been an active player in energy derivatives in Europe, Asia and the United States since 1988. SG is a member of the International Petroleum Exchange (IPE) and the New York Mercantile Exchange (NYMEX).

We offer highly competitive quotes around the clock for derivatives with maturities of up to fifteen years, denominated in US dollars or any other major currency.

SG's teams in Paris, New York, Singapore and Sydney are available to assist in designing hedging and investment strategies to ensure :

Competitive prices for producersOptimum margins for refinersAttractive costs for end-usersQuick identification of market opportunities.


Electricity through affiliate Gaselys

Natural Gas through affiliate Gaselys & LPGs

Crude oil

IPE BrentDated Brent

Bacton Beach Bacton Interconnector

National Balancing Point Zeebrugge Hub

Petroleum Argus Propane CIF ARA

UK NETA Nord Pool

Emden, Oude-Bunde

Powernext EEX

ENERGY TRADING HIGHLIGHTS : EUROPEAN REFERENCES


ENERGY TRADING HIGHLIGHTS : EUROPEAN REFERENCES

Distillates

Fuel Oil

Gasoline

RotterdamFOB

Barges

NorthWest EuropeFOB CIF

Cargoes Cargoes

MediterraneanFOB CIFCargoes Cargoes

Fuel 3.5%Fuel 1%Fuel Rheinschiene

IPE GasoilGasoil 0.2%

EN 590

Jet Fuel

Premium unleaded

PLATT ’S

Current Market Benchmarks


Singapore

Dubai Singapore JapanCIF

ARAB GulfFOB

Gasoil 0.5%

Distillates

Fuel Oil

Crude oil

Tapis Platt ’sDubaî Platt ’s

HSFO 380 CSTHSFO 180 CST

Jet Kero

PLATT ’S Tapis

Australia

ElectricityNew South Wales Pool Victoria Pool Queensland Pool

ENERGY TRADING HIGHLIGHTS : ASIAN REFERENCES

South Australia

Current Market Benchmarks


US GulfCoast

New York Harbor

Westcoast

Group 3Midcont.

Heating Oil

Distillates

Fuel Oil

Gasoline

N°6 High Sulphur ( 3% )

N°6 Low Sulphur ( 1% )

NYMEX Heating Oil

Diesel OilJet Fuel

NYMEX Unleaded GasolineGasoline

PLATT ’S

ENERGY TRADING HIGHLIGHTS : AMERICAN REFERENCES


Natural Gas & LPGs

Crude oil

WTI Platt ’sNYMEX WTI

Henry Hub Natural Gas Ethane/Propane Mix Mt Belvieu

LLS Platt ’s Canadian Grades Platt ’s

ENERGY TRADING HIGHLIGHTS : AMERICAN REFERENCES


A high quality Energy research for your needs.

ECONOMIC RESEARCHWeekly PublicationEnergy SpecialDOE/API Commentary

Frederic LASSERREDebbie WHITE

TECHNICAL RESEARCHDaily PublicationWeekly publication

Hugues NAKAStéphane BILLIOUD

An dedicated team of specialists provided services : Customer presentations and direct answers to questions, regular publications transmitted by e-mail, fax or mail and available

on the internet.Our publications combine continuous market attention and in-depth analysis


+

SG and Mizuho co-operate in the field of energy risk management

Aiming to become the benchmark for quality management,both in terms of impeccable service and competitive pricing,the alliance will serve Japanese corporates eager to managetheir exposure to energy price fluctuations with cutting-edgeinnovative financial instruments. Mizuho and SG will provide riskhedging products for consumers of oil-related products in thechemical, air transportation, shipping and land transportationindustries as well as for energy-related industries.

A Landmark Partnership :

COPORATE &INVESTMENT BANKING


+ =Société Générale and Gaz de France have signed a partnership agreement in 1999 to foster the development of Gaz de France’s trading activities, with a view to extend its commercial offer to large industrial gas consumers.

In 2001, they decided to create GASELYS a joint venture between Gaz de France and Société Générale. Gaselys is a trading company which operates on the european energy markets –namely natural gas, electricity and oil.

Gaselys is 51% owned by Gaz de france and 49% awned by Société Générale

a 80-strong team ( Q3 2003 )


COPORATE &INVESTMENT BANKING


Powernext is an optional and anonymous organized exchange for the delivery of electricity into the French hub.

Powernext offers standard hourly contracts negotiable by French generators and foreign players acting on their own behalf. Members must have signed a Balance Responsible contract with RTE.

Powernext organizes transaction liquidity by concentrating orders on an auction.

Powernext guarantees transaction security with real-time monitoring and by the implementation of a partnership withsecurity and act as the guarantor of transaction anonymity.

The physical delivery of the electricity is under the responsibility of RTE (standing for "Electricity transmission grid")

Shareholder and one of Initial Partners of Powernext



IntercontinentalExchange is the largest Internet-based marketplace forthe trading of over-the-counter (OTC) energy, metal and other commodity products; it represents a partnership of world leading financial institutions with some of the world ’s largest diversified energy and natural resource firms.

IntercontinentalExchange based in Atlanta, with offices in Chicago, Houston, London, New York and Singapore IntercontinentalExchangealso owns the International Petroleum Exchange of London (IPE), Europe's leading energy futures and options exchange

DERIVATIVES EXCHANGE OF THE YEAR, 2002DERIVATIVES EXCHANGE OF THE YEAR, 2002ENERGY BUSINESS AWARDS, 2002-2003FORBES.COM BEST OF THE WEB, FALL 2002

Shareholder and one of Initial Partners of IntercontinentalExchange



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Introduction of Oil Derivatives MarketszDecision to hold position or to hedge. COMMODITIES CAPITAL...

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