China’s Oil Giants Outline Major Spending Splash
(Beijing) — China’s dominant oil firms have loosened their investment purse strings, apparently confident that profits will climb on rebounding crude prices following last year’s dry spell.
The Big Three — China National Petroleum Corp. (CNPC), China National Offshore Oil Corp. (CNOOC) and China Petroleum & Chemical Corp. (Sinopec) — recently committed to ambitious investment schedules for 2017 by announcing plans to spend around 371 billion yuan ($54 billion) combined. Budget plans were outlined in annual reports released by each company in between March and April.
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