CNPC to cut more than 80,000 staff as earning falls earning, staff, CNPC, cut, falls

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BEIJING -- The China National Petroleum Corp (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses.

The China National Petroleum Corp (CNPC), the country's largest oil producer, planned to cut its workforce by 5 percent in upcoming three years as its profits had been squeezed by heavy refining losses. [file]

The oil giant had 1.67 million staff last year, which meant more than 80,000 of them would be laid-off within three years, Beijing News reported.
The move followed CNPC's earlier announcement to cut non-production spending by 10 percent from a year earlier, the paper said.