State Media: China's CNPC To Cut 2016-2020 Annual Investment By Around 40%
BEIJING, July 27 (Reuters) - China National Petroleum Corp (CNPC) will cut its annual investment between 2016 and 2020 to about 260 billion yuan ($39 billion), down around 40 percent from the 2011-2015 period, state media said on Wednesday.
CNPC is transforming from an investment-driven firm to one more focused on innovation, Guangming Daily said, without providing further details.
The report was also posted on the website of State-owned Assets Supervision and Administration Commission (SASAC), which regulates major state companies. ($1 = 6.6705 Chinese yuan renminbi)
(Reporting by Beijing Monitoring Desk)
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