A Review of the Nigerian Energy Industry

Graft hunt widens at Sinopec

03 June 2015, News Wires – China’s main anti-corruption watchdog will inspect six subsidiaries of state-owned giant Sinopec Group in the latest move in a continuing crackdown on the domestic energy sector, according to a report.

Sinopec headquarters in Beijing, ChinaThe ruling Communist Party’s investigative agency plans to send teams to inspect five units of Sinopec Group’s main listed entity, Sinopec Corporation, as well as a subsidiary of Sinopec Engineering (Group), Reuters reported.

“(Sinopec should) … unceasingly promote a clean government party work style that builds a struggle with anti-corruption,” the company said in a statement carried on the website of the Central Commission of Discipline Inspection on Wednesday.

The anti-corruption watchdog also launched inspections at Sinopec, which is Asia’s largest refiner, in late 2014, targeting senior figures.

Earlier this year, it said the president of Sinopec Group, Wang Tianpu, was under investigation for “serious disciplinary violations”, the wording generally used to refer to graft.

No timeline was given for the latest inspections that will be carried out at Sinopec Henan Oilfield Branch, Sinopec Fujian Petrochemical , Sinopec Cangzhou Company, Sinopec Shanxi Oil Products, Sinopec Jiangxi Oil Products and Sinopec Ningbo Engineering.

Chinese President Xi Jinping has warned that corruption threatens the survival of the ruling Communist Party and his two-year anti-corruption campaign has brought down scores of senior officials in the party, the government, the military and state-owned enterprises.

The watchdog said in February it was targeting 26 of China’s biggest state companies for inaugural inspections this year.

– Upstream

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