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.
PetroChina Co. and China Petroleum & Chemical Corp., the country’s largest energy companies, increased profit in the third quarter as a new policy helped them raise fuel prices, foreshadowing Premier Li Keqiang’s plan to reduce state intervention in the economy.
PetroChina Co., the target of a government corruption probe that has ensnared a former chairman, posted a 19 percent increase in third-quarter profit as retail fuel pricing reforms reduced refining losses.
China’s corruption watchdog opened a probe into the director of the state-owned assets overseer, pursuing the highest profile official since Xi Jinping took over the Communist Party last year with a pledge to fight graft.
PetroChina Co., the nation’s biggest energy company, will “vigorously” contest a lawsuit filed by an investor in the U.S. that claims it failed to disclose corruption, exposing it to government investigations.
Ousted Politburo member Bo Xilai was sentenced to life in prison for corruption, bringing an end to a crisis that roiled China’s Communist Party as the country’s leaders prepare to lay out an economic reform agenda.