Cash move: at CNPC
CNPC tightens its belt
China National Petroleum Corporation (CNPC) said it will lower oil and gas operational costs by 5% this year and project investment costs by 10% as part of a package of measures designed to help the company cope with the spreading global financial crisis.
In a statement published on its website, CNPC said it could potentially lower costs related to its normal purchases of about 200 billion yuan ($29.30 billion) for materials and equipment each year.
It did not say if its overall investments would be scaled down or whether any major projects would be delayed or cancelled.
CNPC has cut its oil production target this year by 4% from 2008 levels while reducing crude processing goals by 1.4% amid signs of weakened demand, a Reuters report said.