CHINA'S Sinochem is considering pulling out of its investment in the prolific Wolfcamp shale play in the US Permian basin as the oil and chemicals giant looks to scale back its overseas operations with poor margins and slow investment returns. The state-controlled company currently has a joint venture in the core US shale patch with Irving, Texas-based independent Pioneer Natural Resources Sources with knowledge of Sin-ochem's investment moves said the Beijing-based company has called back all of its employees from the US in order to cut overhead costs amid current market conditions. They added that Sinochem has already been approached by some US shale players concerning a potential takeover of its 40% stake in the Southern Wolfcamp shale play, but the offers have been too low for it to accept.
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