China Penalizes PetroChina Unit for Illegal Oil Trading
China penalized a unit of state-owned oil giant PetroChina Co. Ltd. for long-term illegal trading of millions of tons of imported crude oil.
PetroChina Fuel Oil Co. Ltd., the subsidiary, was cited for illegally reselling 179.5 million tons of imported crude to 115 local refinery companies over the past 15 years, the National Audit Office found. The audit office didn’t put a value on the oil, but at today’s prices, the illegally sold crude would have a market cost of more than $100 billion.
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