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According to media report, China Petroleum & Chemical Corporation (Sinopec), the largest refiner in Asia is going to temporarily shut its four oilfields for the first time over more than 50 years. Based in Shandong province, the four oilfields, which claimed to be the least profitable projects, are located in Sinopec's Shengli oilfields, which is the second-largest oilfield in China after China National Petroleum Corporation.

With the steep fall of crude price in Year 2015, Sinopec's Shengli oilfield, which once among the most profitable oil companies in China, has reported losses about 9.2 billion Chinese Yuan ($1.4 billion).

Meanwhile, the biggest oil and gas producer in China - China National Petroleum Corporation has cut its crude oil production at Daqing oilfield last year for the first time in 7 years. Located in Heilongjiang Province, the oil production of the unit last year has reduced to 38.4 million metric tons compared to previous 39.9 million metric tons in Year 2014. In addition, the production is expected to reduce to 32 million metric tons by the Year of 2020.

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