Sinopec has become the latest oil major to cut capital expenditure, with the crude slide knocking nearly a third off its 2014 profit.
The move mirrors plans by BP and BG Group , while Cnooc, China’s third-largest producer, has also announced cuts.
Sinopec, China’s second-biggest oil group, said yesterday it would cut 2015 capital expenditure to Rmb136bn ($22bn), down 12 per cent compared with the previous year.
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