China’s oil giant investigated for illegal businesses

 (Prensa Latina) PetroChina Co., one of the main crude oil producers in the country, on Thursday confirmed that it is under investigation by the Government, after discovering an illegal fuel trade by one of its subsidiaries.

The company indicated that it is actively cooperating with the authorities, at the same time it is carrying out an internal review and so far, its operations continue in progress without any affectation.

The State Council (Cabinet) is conducting an investigation that has already revealed the involvement by the company’s main executives in the resale of 179.5 million tons of imported crude to 115 refiners by subsidiary Petrochina Fuel Oil Co., Ltd..

According to local press, such action harmed fair competition, led to huge losses to China’s tax revenue and is a serious violation of market order.

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