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CNPC projects face cuts

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China National Petroleum Corp, the nation's biggest oil company, said it may slash investment in projects by at least 10 percent next year because of the global recession.

"The global financial crisis and slowdown of the domestic economy are forcing us to optimize investment with higher returns," Zhou Jiping, the vice general manager of China National, said in a statement on its Website on Thursday.

(Shanghai Daily December 19, 2008)

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