Chinese capex cuts deepen

摘要

Falling profits forced China’s state-controlled Sinopec and PetroChina to scale back capital expenditure (capex) more firmly than expected in the first quarter. Sinopec almost halved first-quarter capex compared with last year to 7bn yuan ($1.1bn), while PetroChina cut spending by 28pc to Yn54bn. They previously indicated capex cuts of around 10pc for the year (WPA, 27 March, p5).