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Energy

China oil majors spill red ink in blow to economic revival plan

Sinopec and PetroChina scale down investment after first-quarter losses

Workers inspect equipment at a Sinopec shale gas field Chongqing, China.   © Reuters

BEIJING -- Leading Chinese state-owned energy groups PetroChina and Sinopce reported net losses for the first quarter through March, hurt by falling oil prices and the loss of demand from the coronavirus pandemic.

The losses, reported Wednesday by the two companies' Hong Kong-listed arms, eclipse profits earned a year earlier.

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