Tuesday, 10 September 2013

China impounds passports of oil managers

Executives of Chinese oil giant PetroChina Ltd. have been told to hand in their passports as an anti-corruption investigation of the industry spreads. Authorities say five current or former executives of state-owned PetroChina and its parent, China National Petroleum Corp. are suspected of "discipline violations," a term usually used to refer to corruption.
PetroChina managers at the level of division chiefs and above were ordered to hand in their passports. Such a move often is intended to prevent potential suspects or witnesses from fleeing while investigators gather information.
Political analysts say the investigation appears to be part of efforts by China's new leadership under President Xi Jinping to tighten control over state-owned energy companies.
PetroChina's former chairman, Jiang Jiemin, has been fired as head of the Cabinet body that oversees China's biggest state-owned companies, the State-owned Assets Supervision and Administration Commission.The commission's Communist Party secretary, Zhang Yi, visited rank-and-file PetroChina employees at two oilfields in China's northeast to affirm the ruling party's faith in their work. 
PetroChina, with some 550,000 employees, is Asia's biggest oil producer by volume and the world's second-most-valuable energy company by market capitalization, behind Exxon Mobil Corp. 

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