PetroChina to dispose of assets in corruption crackdown

PetroChina to dispose of assets in corruption crackdown

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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