PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides Saudi Arabia, will reduce combined capital expenditure by about 8% this year.
China records crude imports drop over 4.6%, net fuel exports fall by 76% month-on-month in January and gross fuel exports decline by 30% month-on-month.
Egypt is studying setting up a company with China Petroleum & Chemical Corp (Sinopec) to provide oil services in Egypt, the Middle East and Africa, Egypt's state news agency cited its oil minister as saying.