China oil giants seek asset sales to meet annual growth targets

Hong Kong

CHINA'S biggest energy companies are seeking to unload assets and urging workers to cut costs in a last-minute rush to meet annual government-set growth targets as lower crude prices drag down earnings.

China Petrochemical Corp faces "unprecedented pressure" amid falling prices and workers should "give their full efforts", according to a statement on its website on Tuesday. PetroChina Co and its state-owned parent plan to sell assets that may include pipelines and refineries before the end of the year, people with knowledge of the situation said this week.