China’s Sinopec cuts 2020 capital spending


A pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong province, China. Reuters filepic

BEIJING: Asia’s top refiner China Petroleum & Chemical Corp, or Sinopec, will trim capital expenditures in 2020 by 2.5% from a year earlier amid plunging oil prices and tepid fuel demand caused by the coronavirus outbreak.

Sinopec plans to spend 143.4 billion yuan (US$20.21bil) this year, with 61.1 billion yuan on upstream exploration focusing on an oilfield in northwestern China and construction at two shale-gas fields in the southwest.

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