China Widens Anti-Graft Drive as Three PetroChina Managers Quit By Boomberg News Benjamin Haas & Aibing Guo -( Aug 28, 2013 12:00 AM GMT+0800) [請分享這post/給LIKE。更多人到我的Facebook Page，我會提供更好的內容.謝謝.您的支持和鼓勵是重要的!](28/08/2013) China widened its anti-corruption campaign to include the nation’s most valuable company, as PetroChina Co. said three senior managers resigned and were under investigation by authorities. The managers, including top executives at two PetroChina units, are “currently under investigation by relevant PRC authorities,” the Beijing-based company said yesterday in a statement. The three are Li Hualin, chairman of Kunlun Energy Co., an oil and gas producer and distributor; PetroChina vice president and general manager of its biggest oilfield, Ran Xinquan; and Wang Daofu, chief geologist for PetroChina. “The only precedent we can think of here is back in 2007 when Sinopec’s Chairman Chen Tonghai was arrested,” said CLSA analyst Simon Powell in a note to investors. Chen, former chairman of the nation’s second-biggest oil company, China Petroleum & Chemical Corp. (386), or Sinopec, received a suspended death penalty in 2009 for taking bribes. The probes at PetroChina come amid a wider crackdown by China’s top leadership against official corruption that President Xi Jinping, who assumed power in March, has said threatens the communist party’s grip on power. The highly-publicized trial of former Politburo member Bo Xilai on bribery, embezzlement and power-abuse charges has been highlighted by the party as proof of its determination to target graft. Li didn’t answer three calls to his office number after hours. Ran and Wang couldn’t be reached, after three calls to PetroChina’s general phone number in Beijing went unanswered after normal business hours. ‘Vested Interests’ “The new leadership would like to be seen as being tough on corruption and so they’re trying to be bold by cracking down on the major vested interests,” Joseph Cheng, a professor of political science at City University of Hong Kong, said by phone. “Recent major cases, including Bo Xilai, were all targets hit by the previous leaders, so the present government is looking to pick some exemplary cases.” The three executives are being investigated for “serious discipline violations,” the official Xinhua News Agency reported yesterday, citing the State-owned Assets Supervision and Administration Commission. The executives resigned with immediate effect because of personal reasons, PetroChina said in its statement, adding its operations aren’t affected. PetroChina shares were suspended yesterday in Hong Kong ahead of the announcement and will resume trading tomorrow, according to the company. Kunlun shares were also suspended. PetroChina shares last traded at HK$8.65 and have slumped 21 percent this year. ‘Suspected Violations’ Wen Qingshan, 54, chief accountant at PetroChina’s parent China National Petroleum Corp. since last month, has been identified to become chairman of Kunlun Energy, Mao Zefeng, a spokesman for PetroChina, said by phone yesterday. Separately, Wang Yongchun, general manager of PetroChina unit Daqing Oilfield Co. since 2009, is under investigation for “suspected violation of disciplines,” Xinhua reported yesterday. Wang, a 30-year veteran of the country’s oil and gas industry, will be replaced by Liu Hongbin, a deputy general manager at CNPC, Mao said. Liu was appointed to his current position at CNPC last month from vice president at PetroChina. The Daqing oilfield in Heilongjiang province is one of China’s biggest and was discovered in 1959. It produces about 40 million metric tons of crude a year. Most Valuable Zhao Zhengzhang, vice president at PetroChina since May 2008, will replace Ran, who was made a director on PetroChina’s board more than two years ago, as general manager of Changqing Oilfield Co., Mao said. Changqing is PetroChina’s largest domestic oilfield with a planned output of 50 million tons of crude this year. The company became the world’s most valuable and briefly overtook ExxonMobil Corp. in November 2007 when it listed its shares on the Shanghai Stock Exchange, giving it a market value of $1 trillion. Since then its market capitalization has fallen to $235 billion. PetroChina posted a 5.6 percent increase in first-half profit last week, boosted by a gain from the sale of pipeline assets. Oil and gas production rose 4.4 percent from a year earlier and losses from refining narrowed to 7.8 billion yuan from 23.3 billion yuan a year earlier after the government changed the formula it uses to determine retail fuel prices. “We have to give priority to develop domestic upstream resources because this is our base for development and this is where our advantage lies,” Wang Dongjin, president of PetroChina, said at a press conference last week. 免責聲明： 股票價格可以上升或下跌。股票市場的波動可以很大。購買股票或衍生工具是有風險.本人不承擔使用此內容做成的所有/任何形式損失(完整的免責聲明是在我Facebook Page 的About,你應該看它)
Posted on: Tue, 27 Aug 2013 16:29:06 +0000
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