China’s state-owned oil giant PetroChina ‘cooperating’ with investigation into unit punished for ‘irregular trading’
- PetroChina unit ‘has always been actively cooperating with the investigation’, according to a filing to Hong Kong stock exchange
- Its subsidiary, PetroChina Fuel Oil, was involved in irregular reselling of crude totalling 179.5 million tonnes to 115 local refineries
China’s state-owned oil and gas company PetroChina said on Thursday it was working with regulators investigating one of its units for “irregular trading” of imported crude oil.
The subsidiary PetroChina Fuel Oil “has always been actively cooperating with the investigation”, PetroChina said in a filing with the Hong Kong stock exchange.
The company was checking internal controls, improving policies for crude oil trading and rectifying “relevant issues”, the filing said, adding production had not been affected.
PetroChina is the listed arm of state-owned China National Petroleum Corporation (CNPC), a major crude oil supplier to the country’s independent refineries.
During this period, the main managers of PetroChina were seriously negligent in their duties
From 2006, PetroChina Fuel Oil was involved in irregular reselling of crude totalling 179.5 million tonnes to 115 local refineries, the National Development and Reform Commission (NDRC) said on Wednesday.
“During this period, the main managers of PetroChina were seriously negligent in their duties,” the NDRC said.
