China's largest oil refiner is seeking to cut its crude-purchase costs as the world's biggest energy consumer looks to benefit from the collapse in benchmark prices.
China Petroleum & Chemical Corp, known as Sinopec, has set its trading unit a target to buy crude this year at more than $1 a barrel below its 2014 benchmark cost, according to Yu Xizhi, general manager of the company's second-largest refinery.
The nation's oil imports climbed 9.5 percent to a record last year amid the biggest slump in prices since the 2008 global financial crisis.
Sinopec completes stake sale to diversify ownership
2015-03-07Sinopec plans to list retail unit in Hong Kong bourse
2015-01-13Sinopec releases report on its shale gas development
2015-01-08Sinopec given approval for private capital injection
2015-01-07Sinopec to hire more young blood
2014-12-17Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.