Chinese President Xi Jinping at the closing session of the National People's Congress in Beijing in March
China’s corruption purge targets the energy sector
Beijing’s renewed targeting of NOC management could threaten investment
China is ramping up a new crackdown on corruption within its sprawling NOCs, which together produced 95% of the country’s oil and gas last year. But the sweeping probes risk spooking industry leaders and stifling activity at a time when Beijing is keeping up the pressure on its state-controlled firms to boost production to ensure energy security. Since January, at least a dozen current and former senior officials in CNPC, Sinopec and CNOOC have come under investigation by the Central Commission for Discipline Inspection (CCDI), the feared top anti-corruption watchdog of the Communist Party. The accelerating pace of detentions has put the Chinese oil and gas sector on notice for more turmoil
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