China’s state-run energy giant PetroChina has started to sell off its hotel and car assets in an effort to crack down on corruption, the group said in a statement.
The group said it will sell most of its hotel assets by the end of 2017 and get rid of about 4300 company cars. It will also decrease the total number of the group’s representative offices by 38%, while specifying the exact function of each office.
PetroChina admits it has management risks in its operations and is determined to improve the situation.
In the past two years, several senior officials of PetroChina have been arrested for corruption activities, including former president Jiang Jiemin and former general manager Liao Yongyuan.