Sinopec says to further cut capex in 2008 - report

BEIJING, Sept 8 (Reuters) - Sinopec Group and its listed arm Sinopec Corp (0386.HK) will further cut capital expenditure for this year to reduce "capital and investment risks", Sinopec Corp's President, Wang Tianpu, said at a company meeting.

Sinopec Group was under considerable pressure in terms of economic results and capital flows due to increasing competition in the oil petrochemical sector and expected high volatility in international oil prices, Wang was quoted as saying on Friday in a report on a company website.

The report did not disclose the number of projects or the amount of investment to be cut.

(Reporting by Jim Bai; Editing by Ken Wills)