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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.

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