CNPC to close regional sales branches

China National Petroleum Corp. (CNPC) is closing five of its seven regional sales branches in China and transferring these branches’ sales and logistics functions to CNPC’s provincial branches in an attempt to streamline the company’s sales operations and reduce costs. The company has already closed its eastern regional branch and divided its oil inventory among the region’s provincial branches. Only the company’s northwestern and northeastern branches will remain open. (February 11, 2009)