Picking up the pace

Using derivatives to hedge is a sensitive issue at the best of times for state-owned organisations. And when the company in question supplies 75% of fuel needs and accounts for more than half the currency trading volumes in its home country, the situation becomes even more acute.

Add to the mix an emerging economy with barely a derivatives market to speak of, and it's easy to grasp the issues facing Sri Lankan oil and refined products supplier Ceylon Petroleum Corporation (CPC).

"The government is

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