Xinhua recently reported that PetroChina (China National Petroleum Corporation) announced on August 29 that four members of the company’s top management had been removed, pending an investigation for corruption. Three of them were Corporate Vice Presidents and another was the Chief Geologist. The decision of removing the four from their Party positions and corporate executive positions was made by the Chinese Communist Party branch of PetroChina. Another four Party members of the same Party branch have been chosen to fill the vacant positions. Chairman of the Board, Zhou Jiping, who is also the chairman of the Party branch, suggested that the current focus is to maintain normal business operations. According to the China Enterprise Confederation, PetroChina is China’s largest international corporation. In 2012, it was also number six on the (Global) Fortune 500 list and is the fourth largest petroleum company in the world.
Source: Xinhua, August 29, 2013