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Executive says PetroChina to stay together after corruption scandal

Oct. 14, 2013 at 6:43 AM
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BEIJING, Oct. 14 (UPI) -- An executive at PetroChina said there was no truth to reports the company would be split up because of a corruption scandal.

The official, who asked to speak on condition of anonymity, said top management believed the company would be best served through unity, China's official Xinhua News Agency reported Sunday.

Four executives at PetroChina, a subsidiary of the China National Petroleum Corp., were dismissed in August for "serious violations" of corporate principles.

Chinese President Xi Jinping has said he'd crack down on corruption in the country.

The PetroChina executive said the company was maintaining a growth strategy in the downstream natural gas business.

Xinhua said the company would look to invest overseas.

During the first half of 2013, PetroChina produced 8.1 percent more natural gas than it did in the same period last year.

The Energy Information Administration, the analytical arm of the U.S. Energy Department, said in a market report last week it expects China to become the world's largest energy consumer by next year.

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