Chinese oil giants to avoid retrenchment

Hong Kong

CHINA'S biggest oil companies say they'll cut costs, but not employees.

As the collapse in crude prices curbs profits and prompts a wave of layoffs in the energy industry from Schlumberger Ltd to Royal Dutch Shell Plc, Chinese state energy giants say their employees are safe.

The oil-and-gas industry has cut more than 176,000 jobs globally this year and more reductions are likely, according to Swift Worldwide Resources. While eschewing those layoffs may avoid a repeat of protests early last de…