Economy / China
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China
July 2008 | Risk SummarySorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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State-owned China National Petroleum Corporation (CNPC), China's largest integrated oil and gas company, has announced that it will cut its workforce by 5% over three years as the company is forced to tighten its belt due to government price controls. Refining losses for CNPC and China's other major state-owned oil company China Petroleum & Chemical Corporation (Sinopec) widened 47.9% to CNY5.7bn (US$850mn) in H108 according to China's petroleum industry association, which contributed to a 39% y-o-y decline in CNPC's pre-tax profits over the period. With CNPC employing 1.67mn people in 2007, this would mean that more than 80,000 workers could be laid off.