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Chinese state groups write off assets as future of oil dims

$1.1bn in impairment charges to crush profits of COSL and COSCO Shipping Energy

China Oilfield Services said the “accelerated transformation of the energy industry" had reduced the value of its oil rigs.   © AP

HONG KONG -- Top Chinese state-owned conglomerates are having to reevaluate their oil-related operations as the country moves to implement President Xi Jinping's vision for achieving zero net carbon emissions by 2060.

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