Losses Reported in Overseas Projects of Chinese Oil Majors

Two thirds of three Chinese oil majors＇ hefty overseas investments have sustained losses. China＇s three oil giants, China National Petroleum Corporation （CNPC）, China Petrochemical Corporation （Sinopec Group）, and China National Offshore Oil Corporation （CNOOC）, invested in as many as 144 overseas projects to the tune of US$70 billion by the end of 2010, according to the China Petroleum and Chemical Industry Association （CPCIA）.