Scandal-Hit PetroChina Tightens Control over Managers to Keep Firm Running

Reuters

BEIJING/HONG KONG, Sept 6 (Reuters) - PetroChina has tightened control over its managers and stepped up safety inspections to ensure the "shock" from a deepening corruption scandal doesn't disrupt the global operations of the Chinese energy giant, officials told Reuters.

So far there have been no reports of operational problems or signs PetroChina is backing out of any deals or tenders in the wake of the investigation, which has implicated five former senior executives at PetroChina and its parent company, including ex-chairman Jiang Jiemin, in the past 10 days.

PetroChina's operations span the globe, from oil production facilities and pipelines to refineries and petrochemical projects. Its market capitalisation of $232 billion makes it one of the world's most valuable oil firms.

"This is an extraordinary period. PetroChina is afraid this incident will affect normal production," said one senior PetroChina official who declined to be identified because he was not authorised to speak to the media.

PetroChina spokesman Mao Zefeng could not be reached for comment.

The company had issued an internal memo asking director-level managers - a group numbering up to 1,000 people - to essentially clock-in each day to show they were at work, a second PetroChina official said.

He said the aim was to make sure operations were not disrupted, but also in case directors tried to flee China or were needed as part of the investigation, one of the biggest ever at a Chinese state-owned firm.


1234

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours