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)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.