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Sinopec closes oil wells due to flooding

 Sinopec (SNP.NYSE, SNP.LSE, 600028.SH, 0386.HK) spokesman Huang Wensheng said on Thursday that some of the company’s oil wells have been shut down due to recent flooding in southern China, Bloomberg reported. Huang emphasized that the closures were "limited" but did not provide an exact figure. Sinopec’s parent company, China Petrochemical Corporation, said on Wednesday that over 100 oil well sites in Jiangsu province had been affected by the flooding. Sinopec’s competitors are also facing difficulties: China National Petroleum Corporation, the parent company of PetroChina (PTR.NYSE, 601857.SH, 0857.HK), revealed in a newsletter Friday that 130 oil wells had been shut down due to flooding in northeastern China. Recent flooding has led to the forced relocation of some1.3 million people in 11 provinces, said China’s Ministry of Civil Affairs.

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