Caixin
May 04, 2019 08:37 PM
BUSINESS & TECH

Exclusive: Ex-Big Oil Bosses Aid Provincial Chief Investigation

Shaanxi Yanchang Petroleum (Group) Co. Ltd. Photo: IC Photo
Shaanxi Yanchang Petroleum (Group) Co. Ltd. Photo: IC Photo

Two former chairmen of one of China’s biggest oil refining companies have assisted authorities in a discipline investigation of a former senior provincial official during the last several months, Caixin has learned from multiple sources with knowledge of the matter.

He Jiuchang, 58, who was chairman of the state-owned Shaanxi Yanchang Petroleum (Group) Co. Ltd. from 2015 to 2017, began aiding the investigation in late January, the sources said. His predecessor Shen Hao, 66, who was chairman from 2007 to 2015, began assisting the investigation in early February, they said.

The sources said they believe both men were helping with the investigation of Zhao Zhengyong, a former provincial Communist Party chief of the northwestern province of Shaanxi. The investigation of Zhao began in January on suspicion he committed “serious violations in law and discipline” — a phrase often referring to corruption.

Yanchang Petroleum, controlled by the Shaanxi provincial government, controls three public companies, including Hong Kong-listed Yanchang Petroleum International Ltd., Shanghai-listed Shaanxi Yanchang Petroleum Chemical Engineering Co. Ltd., and Shenzhen-listed Shaanxi Xinghua Chemistry Co. Ltd.

Specializing in oil and gas exploration, Yanchang Petroleum ranked 288th in last year’s Fortune Global 500 list with revenues of $38.9 billion. China’s top three oil companies are China Petrochemical Corp. — also known as Sinopec Group — China National Petroleum Corp., and China National Offshore Oil Corp.

Contact reporter Lin Jinbing (jinbinglin@caixin.com)

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