THE recent sharp tumble in international crude oil prices is set to give an earnings boost to China’s mainland money-losing refiners, but the fate of Sinopec Corp and PetroChina Co is still at the mercy of state policies.
Some experts said the sharp fall in crude had provided China’s policy makers with a golden chance to [...]
Asia’s largest refiner Sinopec said it would further cut its capital expenditure as high crude oil prices erode earnings.
The company will also optimize its investments to focus on the main business and key projects, the group said on its website yesterday.
“The move is to reduce capital and investment risks,” said Wang Tianpu, president of Sinopec [...]
Top Asian oil refiner Sinopec Group plans to cut its capital expenditure further this year, against the backdrop of high crude prices and intense competition in the petrochemical sector, its president said.
“Sinopec is under considerable pressure regarding economic results, capital flow and ensuring market supply,” Wang Tianpu, president of the listed arm Sinopec Corp, said [...]
China Petrochemical Corp., Asia’s biggest oil refiner, will “resolutely” delay some projects as reduced earnings force the company to cut spending.
Sinopec Group, as China Petrochemical is known, is struggling to boost profits and cash-flow, Wang Tianpu, president of Hong Kong-listed unit China Petroleum & Chemical Corp., said in a company newsletter today.
Tags: Petroleum, Sinopec
China Petroleum and Chemicals Group (Sinopec) said it will cut capital expenditure this year in order to “reduce capital and investment risks to the greatest degree.”
Wang Tianpu, president of the group’s Hong Kong-listed vehicle Sinopec Corp, said in a report on the Sinopec website that international oil prices are likely to remain high and competition [...]
Sinopec Shanghai Petrochemical Co Ltd<600688><338>, a listed unit of China’s largest refiner Sinopec<600028><386>, Monday announced it will cut its capital expenditure (capex) for 2008 to RMB 1.6 billion - RMB 1.8 billion from the originally planned RMB 2.5 billion.
The reduction on the capital expenditure was mainly due to the tightened cash flow, which made the [...]
