Sinopec takes steps to reduce expenses

Fall in crude oil prices forces energy giant to recall about 40 percent of its overseas staff

Sinopec Group, the second-largest energy company in China, plans to cut costs by recalling 40 percent of its overseas staff in the wake of plunging oil prices.

Up to 160 employees from Sinopec International Petroleum Exploration & Production Co, a subsidiary of the group focusing on overseas upstream businesses, will be brought back to Sinopec's headquarters in Beijing, according to a senior official at the company.