China’s sweeping corruption investigation of the oil and gas industry has reached another high flyer.

The chairman of Tianjin Gas Group Company Limited, Jin Jianping, is under investigation, state media Xinhua News Agency reported.

Earlier this month, Jin resigned as the chairman of Tianjin Jinran Public Utilities Company Limited, a subsidiary of Tianjin Gas that’s listed on the Hong Kong stock exchange.

State-owned Tianjin Gas was set up in 2000 and has assets of about $2.3 billion, according to the People’s Daily Online.

Jin’s case may be related to the ongoing probe of executives at the China National Petroleum Corp (CNPC), the  parent company of PetroChina.

CNPC and Tianjin Gas have cooperated in multiple projects, including natural gas pipelines and fueling stations.

Anonymous sources said Jin’s family members have relocated overseas but Jin failed in his attempt to flee abroad.

Former CNPC chairman Jiang Jiemin is under investigation for corruption, along with former CNPC vice president Li Hualin and three executives at PetroChina.

Because of the investigation, all middle and senior level executives at CNPC are now required to submit their passports and daily attendance records, local newspaper Securities Daily said.

Source: Xinhua News, Securities Daily (证券时报), People’s Daily Online (人民网)


Leave a Reply