Sinopec continues cost cuts on oil rise

Asia's largest refiner Sinopec said it would further cut its capital expenditure as high crude oil prices erode earnings.

The company will also optimize its investments to focus on the main business and key projects, the group said on its website yesterday.

"The move is to reduce capital and investment risks," said Wang Tianpu, president of Sinopec Corp. "As global crude oil prices will remain high, China's petrochemical industry will see fiercer competition. Sinopec is now under big pressure in profit return and market supplies."