REFILE-China's Sinopec in major shakeup of overseas unit -sources
(Refiles to add dropped word "globe" in 11th paragraph)
BEIJING, July 31 (Reuters) - Chinese energy giant, Sinopec Group, is relocating nearly 40 percent of its staff in its global exploration and production unit back to its headquarters, in a major shakeup aimed at cutting costs and boosting efficiency, company sources said.
China's state oil giants have since last year been trying to focus on ensuring better returns to foreign investments after a wave of expansion in recent years.
The shift in emphasis, which has become more pronounced in recent months, has been partly triggered by Beijing's tough anti-graft campaign and also the slump in oil prices.
China's second-largest energy group, which in late 2013 surprised the market by putting up for sale shale gas assets in Canada, may also look to offload more "non-core" assets, said the senior company sources, without elaborating.
Sinopec International Petroleum Exploration and Production Corporation (SIPC) previously employed just under 700 staff managing dozens of global projects.
Now it will pull 160 staff this year out of overseas posts, on top of 100 transferred last year, the sources said.
The staff will join two new divisions set up in Beijing - the Shared Service Centre and an audit office - to boost technical support and enhance risk management, said one senior official, who declined to be named due to company policy.
Instead of working on a single project, the relocated staff will plan and manage multiple projects. Continuación...