Sinopec to cut crude oil purchase costs

China's largest oil refiner is seeking to cut its crude-purchase costs as the world's biggest energy consumer looks to benefit from the collapse in benchmark prices.

China Petroleum & Chemical Corp, known as Sinopec, has set its trading unit a target to buy crude this year at more than $1 a barrel below its 2014 benchmark cost, according to Yu Xizhi, general manager of the company's second-largest refinery.

The nation's oil imports climbed 9.5 percent to a record last year amid the biggest slump in prices since the 2008 global financial crisis.