News / Economy

Sources Report PetroChina Corruption Probe Expands

FILE - Jiang Jiemin, president of PetroChina Ltd, speaks during an announcement of the company's results in Hong Kong Wednesday, Mar. 19, 2008.
FILE - Jiang Jiemin, president of PetroChina Ltd, speaks during an announcement of the company's results in Hong Kong Wednesday, Mar. 19, 2008.
Reuters
— The Chinese government has questioned two more executives from China National Petroleum Company (CNPC) as part of a wider graft investigation into the state energy giant, according to two people with direct knowledge of the matter.
 
CNPC and its listed unit, PetroChina, are at the center of one of the biggest corruption investigations into the Chinese state sector in years.
 
Wen Qingshan, CNPC's chief accountant, and Wang Lihua, head of PetroChina's oil trading vehicle Chinaoil, were taken away by authorities last week, said the people, who declined to be identified because they were not authorized to talk to the media. Wang is also CNPC's deputy chief economist.
 
It was not immediately clear whether the two officials were targets of investigation or assisting in the broader probe.
 
Two officials at Chinaoil - Zheng Jun, head of crude oil trading, and a company lawyer who only gave his surname as Chen - said the report on Wang was “totally incorrect”.
 
“Such a thing… has never happened to president Wang,” said Zheng. “She is still handling daily management work.”
 
Efforts to contact Wang and Wen were unsuccessful. Calls to CNPC media officials were not answered, and PetroChina spokesperson Mao Zefeng declined to comment.
 
Beijing stunned the Chinese energy industry in August and September with announcements that five former top executives at PetroChina and CNPC were being investigated for “serious discipline violations” - shorthand generally used to describe graft.
 
They included Jiang Jiemin, former chairman of both entities.
 
Authorities have given no further details on what these officials may have done wrong, but the investigations suggest President Xi Jinping wants to tackle graft in an industry that ranks as one of the most powerful corners of the state-owned corporate sector.
 
CNPC chief accountant Wen, 54, was also appointed chairman of listed Kunlun Energy in August, replacing Li Hualin, who the company said was being investigated by authorities. Kunlun Energy shares were suspended early on Tuesday. A PetroChina official said the company may issue a statement later on Tuesday.
 
Wang, one of the few top female executives at the state giant, has been chief of Chinaoil since 1998. The company has expanded rapidly over the years to become an influential global player in oil markets.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.