Sinopec to cut more jobs

Sinopec, China's second largest oil company, will eliminate about 10,000 jobs in 2003 to cut costs and boost efficiency, Reuters reported. These cuts, which follow a reduction of 68,000 workers in 2001 and about 20,000 in 2002, would allow the company to achieve its target of reducing staff numbers by 100,000 between 2001 and 2005 two years earlier than planned. The cuts are being made through lay-offs and retirements.