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2015-05-05 18:05:00

CHINA'S OIL PURGE

CHINA'S OIL PURGE

China appointed new heads for each of its three national oil companies on Monday, in a sweeping reshuffle of the industry at the heart of its two-year anti-corruption drive.

China's oil industry has been ground zero for the country's anti-corruption purge, which has targeted patronage networks belonging to former energy and security tsar Zhou Yongkang.

It has also been buffeted by sharp declines in the price of crude oil, which has left the oil majors saddled with expensive overseas assets acquired when prices were at their peak.

The most internationally…

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Tags: CHINA, OIL, PRICE, SINOPEC, CNOOC, PETROCHINA, CNPC
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