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.
The cuts will mainly come from Sinopec’s refining units, which will reduce spending by 9 billion yuan from 2019 to 22.4 billion yuan, and from the sales division, down by 7.6 billion yuan, according to a company statement filed with the Shanghai Stocks Exchange.
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