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2015-05-04 11:40:00

SINOPEC PRESIDENT DETAINED

SINOPEC PRESIDENT DETAINED

A widening corruption probe in China has ensnared another oil executive, this time the number two man at state owned Sinopec.

Sinopec president Wang Tianpu was detained by Communist party officials on Monday for suspected "serious violations of discipline and law," the Financial Times said.

Wang was appointed president in June 2000 and is currently listed as a member of the party committee at the China Petroleum Corporation on Sinopec's website.

China's Central Commission for Discipline Inspection confirmed the probe but has not disclosed further details about the case.

Wang has resigned from his post as vice chairman and non-executive director at Sinopec's publicly traded unit, China Petroleum and Chemical Corporation, Bloomberg said.

Sinopec chairman Fu Chengyu said in an interview with Chinese media that his company supports "the government's long-term anti-corruption effort, not just cracking down on illegal acts disciplinary wrongdoings as well."

The arrest comes just weeks after former China National Petroleum Corporation chief Jiang Jiemen admitted to taking bribes while running the state-owned firm.

Chinese officials ramped up corruption fighting efforts in 2013 and have turned up several instances of suspected graft and corruption at state-owned energy firms.

petroglobalnews.com

Tags: CHINA, SINOPEC,

Chronicle:

SINOPEC PRESIDENT DETAINED
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

SINOPEC PRESIDENT DETAINED
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

SINOPEC PRESIDENT DETAINED
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

SINOPEC PRESIDENT DETAINED
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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