October 24, 2017 / 3:52 AM / a year ago

China Sinochem to re-evaluate oil business, expand fine chemicals - Chairman

BEIJING, Oct 24 (Reuters) - China’s Sinochem Group is reviewing its struggling oil exploration business and plans expansions into material and life sciences over the next decade in major strategy shift, the chairman of the state-run conglomerate said.

“Based on current market conditions, we are re-evaluating our strategy in the upstream oil and gas business,” Ning said in an email to Reuters in response to interview questions sent on Monday as part of the 19th Communist Party Congress taking place in Beijing this week.

Reporting by Chen Aizhu; Editing by Christian Schmollinger

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