Sorry fractional but that is incorrect regarding Emirates. EK does announce their hedging results as part of the annual report. And if you look on the financials you will see that the fuel cost, as a percentage of total expenses is no lower than anyone else. In the most recent report (2weeks ago) fuel was 30.6% of total expenses, and it was 29.1% the year prior. Emirates buys from the local fuel company at whatever price they can negotiate. The tap is not next door. And correct me if I am wrong but I do not think that aviation fuel is refined anywhere in the UAE. If I am wrong then please tell me where it is done, because that will be a stock to own.
Regarding the original question, EK has a fuel hedging office in Houston Texas. It is manned every day by one guy. He has admistrative support from Dubai and has I think one secretary there. In the 2007-2008 financial year we saved 242 Million dollars with fuel hedging. ALL of this was disclosed publicly the end of April.
330 man