The chairman of Kunlun Energy Co., a gas distribution arm of China National Petroleum Corp., resigned amid a widening government anti-corruption campaign that claimed his predecessor four months earlier. Its shares declined.
Chinese authorities are stepping up a crackdown on corruption, including confiscating the passports of some local leaders, in moves that underscore President Xi Jinping’s determination to root out graft.
The Chairman of Kunlun Energy Co., the gas distribution arm of China National Petroleum Corp., has been detained by the government to help with an investigation, said a person familiar with the matter.
A cash-for-votes scandal in China’s southern city of Hengyang that snared more than 500 lawmakers underscores the challenges facing Xi Jinping as he enters his second year in charge of the world’s second-biggest economy.
PetroChina Co. will buy Petroleo Brasileiro SA’s Peruvian assets for $2.6 billion, as the nation’s biggest energy company signaled business as usual following a government graft probe launched in August.
China’s anti-corruption watchdog has begun an investigation of Vice Minister of Public Security Li Dongsheng, making him one of the highest-level officials to be targeted in a widening campaign against graft.