Oil industry must be ‘purged of poison’
Print Edition
CHINA needs to further purge its oil industry of the “poison” of disgraced security chief Zhou Yongkang to ensure healthy development that will let the sector compete internationally, a former top energy executive said yesterday.
Zhou was jailed for life last year in one of the country’s biggest corruption scandals since 1949. Dozens of associates have also been arrested, many in the oil industry, one of his former power bases.
Zhou was formerly head of the China National Petroleum Corp, parent of PetroChina.
On the sidelines of the annual session of the top political advisory body, Fu Chengyu, former chairman of state energy giant Sinopec, said Zhou had poisoned the morals of the industry and officials.
“In the oil industry, we should further purge the poison of Zhou Yongkang. If we can’t deal with this properly we can’t have healthy development of the industry and we won’t be able to compete internationally,” Fu told a news briefing.
One of China’s most charismatic and reform-minded oil industry executives, Fu is now a member of the top political advisory body, the Chinese People’s Political Consultative Conference.
China’s petroleum industry needs to revamp its systems and mechanisms, he said. “Deeper reforms are needed.”
The government is expected to unveil a reform plan for China’s oil and gas sector, which, at present, is dominated by state giants CNPC, Sinopec and CNOOC.
Massive expansion over the past two decades have allowed the three firms to feed China’s thirst for energy, but also to become a breeding ground for corruption.
President Xi Jinping has warned that rampant corruption threatens the survival of the Communist Party and has waged a war on graft in the past three years that has taken down scores of top officials.
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