China’s largest oil company lost 187 million in projects in Libya and Niger

Losses from these six projects are even higher than those suffered by Chinese oil giant in 2009, a year marked by the global financial crisis highlighted the specialized journal, also quoted by the official Xinhua news agency.
Great Wall Drilling Co. (GWDC), a subsidiary of CNPC and specialized in oil investments abroad, managed the six projects.
Analysts quoted by the official Xinhua news agency noted that CNPC and other Chinese state oil companies Sinopec and CNOOC as showed "inexperience" when investing abroad, without weighing the risks.
"In the case of CNPC, its priority should be to avoid massive losses, raising their risk assessment and calculation in projects abroad," said analyst Ren about Haoning, China Investment Corp. Thomson Financial Consulting