PetroChina (PTR.NYSE; 0857.HK; 601857.SH) is launching staff cutbacks in a bid to reduce its expenditure on labor force, reported Oriental Morning Post.

    PetroChina has set up a scheme on reducing staff and will start from its Tianjin and Hebei marketing companies, the Post quoted PetroChina sources as saying.

    PetroChina Beijing Marketing Company plans to lay off about 10,000 people before end-Oct., according to PetroChina source.

    PetroChina boss Jiang Jiemin earlier said PetroChina plans to cut staff by 5 percent within three years to slash cost in the more expensive labor force.