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.
|December, 18, 12:50:00|
|December, 18, 12:45:00|
|December, 18, 12:40:00|
|December, 18, 12:35:00|
|December, 18, 12:30:00|
|December, 18, 12:25:00|
PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.