Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
A Simple Way to Preserve Your Wealth Amid Uncertainty - 11th Aug 20
Precious Metals Complex Impulse Move : Where Is next Resistance? - 11th Aug 20
Gold Miners Junior Stcks Buying Spree - 11th Aug 20
Has the Fed Let the Inflation Genie Out of the Bottle? - 10th Aug 20
The Strange Food Trend That’s Making Investors Rich - 10th Aug 20
Supply & Demand For Money – The End of Inflation? - 10th Aug 20
Revisiting Our Silver and Gold Predictions – Get Ready For Higher Prices - 10th Aug 20
Storm Clouds Are Gathering for a Major Stock and Commodity Markets Downturn - 10th Aug 20
A 90-Year-Old Stock Market Investment Insight That's Relevant in 2020 - 10th Aug 20
Debt and Dollar Collapse Leading to Potential Stock Market Melt-Up, - 10th Aug 20
Coronavirus: UK Parents Demand ALL Schools OPEN September, 7 Million Children Abandoned by Teachers - 9th Aug 20
Computer GPU Fans Not Spinning Quick FIX - Sticky Fans Solution - 9th Aug 20
Find the Best Speech Converter for You - 9th Aug 20
Silver Bull Market Update - 7th Aug 20
This Inflation-Adjusted Silver Chart Tells An Interesting Story - 7th Aug 20
The Great American Housing Boom Has Begun - 7th Aug 20
NATURAL GAS BEGINS UPSIDE BREAKOUT MOVE - 7th Aug 20
Know About Lotteries With The Best Odds Of Winning - 7th Aug 20
Could Gold Price Reach $7,000 by 2030? - 6th Aug 20
Bananas for All! Keep Dancing… FOMC - 6th Aug 20
How to Do Bets During This Time - 6th Aug 20
How to develop your stock trading strategy - 6th Aug 20
Stock Investors What to do if Trump Bans TikTok - 5th Aug 20
Gold Trifecta of Key Signals for Gold Mining Stocks - 5th Aug 20
ARE YOU LOVING YOUR SERVITUDE? - 5th Aug 20
Stock Market Uptrend Continues? - 4th Aug 20
The Dimensions of Covid-19: The Hong Kong Flu Redux - 4th Aug 20
High Yield Junk Bonds Are Hot Again -- Despite Warning Signs - 4th Aug 20
Gold Stocks Autumn Rally - 4th Aug 20
“Government Sachs” Is Worried About the Federal Reserve Note - 4th Aug 20
Gold Miners Still Pushing That Cart of Rocks Up Hill - 4th Aug 20
UK Government to Cancel Christmas - Crazy Covid Eid 2020! - 4th Aug 20
Covid-19 Exposes NHS Institutional Racism Against Black and Asian Staff and Patients - 4th Aug 20
How Sony Is Fueling the Computer Vision Boom - 3rd Aug 20
Computer Gaming System Rig Top Tips For 6 Years Future Proofing Build Spec - 3rd Aug 20
Cornwwall Bude Caravan Park Holidays 2020 - Look Inside Holiday Resort Caravan - 3rd Aug 20
UK Caravan Park Holidays 2020 Review - Hoseasons Cayton Bay North East England - 3rd Aug 20
Best Travel Bags for 2020 Summer Holidays , Back Sling packs, water proof, money belt and tactical - 3rd Aug 20
Precious Metals Warn Of Increased Volatility Ahead - 2nd Aug 20
The Key USDX Sign for Gold and Silver - 2nd Aug 20
Corona Crisis Will Have Lasting Impact on Gold Market - 2nd Aug 20
Gold & Silver: Two Pictures - 1st Aug 20
The Bullish Case for Stocks Isn't Over Yet - 1st Aug 20
Is Gold Price Action Warning Of Imminent Monetary Collapse - Part 2? - 1st Aug 20
Will America Accept the World's Worst Pandemic Response Government - 1st Aug 20
Stock Market Technical Patterns, Future Expectations and More – Part II - 1st Aug 20
Trump White House Accelerating Toward a US Dollar Crisis - 31st Jul 20
Why US Commercial Real Estate is Set to Get Slammed - 31st Jul 20
Gold Price Blows Through Upside Resistance - The Chase Is On - 31st Jul 20
Is Crude Oil Price Setting Up for a Waterfall Decline? - 31st Jul 20
Stock Market Technical Patterns, Future Expectations and More - 30th Jul 20
Why Big Money Is Already Pouring Into Edge Computing Tech Stocks - 30th Jul 20
Economic and Geopolitical Worries Fuel Gold’s Rally - 30th Jul 20
How to Finance an Investment Property - 30th Jul 20
I Hate Banks - Including Goldman Sachs - 29th Jul 20
NASDAQ Stock Market Double Top & Price Channels Suggest Pending Price Correction - 29th Jul 20
Silver Price Surge Leaves Naysayers in the Dust - 29th Jul 20
UK Supermarket Covid-19 Shop - Few Masks, Lack of Social Distancing (Tesco) - 29th Jul 20
Budgie Clipped Wings, How Long Before it Can Fly Again? - 29th Jul 20
How To Take Advantage Of Tesla's 400% Stock Surge - 29th Jul 20
Gold Makes Record High and Targets $6,000 in New Bull Cycle - 28th Jul 20
Gold Strong Signal For A Secular Bull Market - 28th Jul 20
Anatomy of a Gold and Silver Precious Metals Bull Market - 28th Jul 20
Shopify Is Seizing an $80 Billion Pot of Gold - 28th Jul 20
Stock Market Minor Correction Underway - 28th Jul 20
Why College Is Never Coming Back - 27th Jul 20
Stocks Disconnect from Economy, Gold Responds - 27th Jul 20
Silver Begins Big Upside Rally Attempt - 27th Jul 20
The Gold and Silver Markets Have Changed… What About You? - 27th Jul 20
Google, Apple And Amazon Are Leading A $30 Trillion Assault On Wall Street - 27th Jul 20
This Stock Market Indicator Reaches "Lowest Level in Nearly 20 Years" - 26th Jul 20
New Wave of Economic Stimulus Lifts Gold Price - 26th Jul 20
Stock Market Slow Grind Higher Above the Early June Stock Highs - 26th Jul 20
How High Will Silver Go? - 25th Jul 20
If You Own Gold, Look Out Below - 25th Jul 20
Crude Oil and Energy Sets Up Near Major Resistance – Breakdown Pending - 25th Jul 20
FREE Access to Premium Market Forecasts by Elliott Wave International - 25th Jul 20
The Promise of Silver as August Approaches: Accumulation and Conversation - 25th Jul 20
The Silver Bull Gateway is at Hand - 24th Jul 20
The Prospects of S&P 500 Above the Early June Highs - 24th Jul 20
How Silver Could Surpass Its All-Time High - 24th Jul 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

China's Oil Giant At Center Of Corruption Probe

Politics / Oil Companies May 27, 2014 - 10:20 AM GMT

By: OilPrice_Com

Politics Grins were on the faces of China National Petroleum executives this week as they celebrated a blockbuster 30-year deal for Russian gas. It was a good day for CNPC, the state-owned colossus at the center of China's oil and gas webs and one of Eurasia's biggest energy investors.

For some, however, those grins could soon turn to grimaces, because the deal comes against a backdrop of a series of high profile corruption investigations by the state, and CNPC has been caught in the dragnet. A former CNPC chairman is currently under investigation and a top executive of CNPC subsidiary PetroChina has just been arrested.


They are two of the biggest suspects in a spiraling drive against corruption that has become a hallmark of President Xi Jinping's rule.

The crackdown on executives at some of China's largest companies is yet more proof, if anyone needed it, that the Xi administration takes the latest anti-graft drive very seriously indeed.

But behind the arrests and investigations, some China watchers see signs of internal strife at the highest levels of the ruling Communist Party.

The list of energy execs under scrutiny by the national corruption fighting bureau, officially known by the Orwellian title, "Central Discipline Inspection Commission," is getting longer every week. One of the biggest fish was netted in September, when officials announced that CNPC's former chairman Jiang Jiemin was under investigation. Jiang also chaired CNPC's PetroChina subsidiary (ranked 6th on the Fortune Global 500 list), before his March 2013 move to head the state-owned Assets Supervision and Administration Commission.

Other prominent figures swept up by the state include:

Bo Qiliang, PetroChina vice president in charge of CNPC's overseas business, detained on or around May 13;

Zhang Benquan, general manager of CNPC's Iran subsidiary, detained in April;

Yan Cunzhang, general manager of PetroChina's foreign cooperation department, detained in April;

Li Hualin, former CNPC deputy general manager, reportedly a target of a Communist Party corruption probe;

Wang Daofu, former PetroChina chief geologist, under investigation along with Ran Xinquan, former general manager at PetroChina subsidiary Changqing Oilfield Co.;

Sun Weidong, former deputy manager of PetroChina subsidiary Yumen Oilfield Co., under investigation;

Yang Guoling, assistant general manager and senior accountant at Yumen Oilfield Co., indicted for corruption;

Three top executives at CNPC supplier Sichuan Star Cable reportedly disappeared in July 2013 and another either fell or jumped to her death in September.

CNPC-linked companies are not the only energy and resources companies caught up in the crackdown.

The former chairman and another former executive of China Resources Holdings Co. (233rd on the Fortune 500 list), are under investigation, as are several top executives at various geology and fuel companies. Zhu Changlin, head of North China operations at the State Grid (7th on the Fortune list), is under investigation, along with several managers at regional power operators.

Jiang and several others of those named have been linked to Zhou Yongkang, one of China's most powerful men until Xi's advent, which has led some observers to suspect the net is tightening around Zhou, a former CNPC chairman and national security chief, who dropped out of sight last year.

The corruption probes into former CNPC deputy general manager Li Hualin and Ji Wenlin, a former regional vice-governor who reportedly cut deals with CNPC, "are among several believed to be part of an unprecedented probe into Zhou," the South China Morning Post wrote earlier this year.

If – and this is a big if – Zhou is formally charged, he would be one of the most senior Communist Party higher-ups ever prosecuted since the Communists came to power in 1949.

In a related story, the South China Morning Post described how Zhou used the CNPC as a springboard to political power in the 1990s, which eventually saw him appointed to the supreme Politburo Standing Committee. There, he chaired the Political and Legal Affairs Committee (PLAC), which controlled police and security forces and the judiciary until some of its functions were transferred to the new State Security Committee, which was set up by the anti-corruption crusading Xi.

Zhou retired in 2012, but the activities that reportedly amassed billions for him and his family apparently came under scrutiny upon Xi's accession to the presidency in 2013.

Apart from rumors, nothing has been heard of him for months, and his name is taboo in official media, as BBC China editor Carrie Gracie noted on her blog.

Some sources claim he is under house arrest. But no one knows for sure, and those that do aren't talking.

Source: http://oilprice.com/Energy/Energy-General/Chinas-Oil-Giant-At-Center-Of-Corruption-Probe.html

By Ky Krauthamer of Oilprice.com

© 2014 Copyright OilPrice.com- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules