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PetroChina Denies Report Exeutives Being Investigated

Sun Longde, vice president at PetroChina Co., speaks during a news conference in Hong Kong on Aug. 22, 2013. Photographer: Jerome Favre/Bloomberg
Sun Longde, vice president at PetroChina Co., speaks during a news conference in Hong Kong on Aug. 22, 2013. Photographer: Jerome Favre/Bloomberg

Sept. 9 (Bloomberg) -- PetroChina Co., mired in a government graft probe, said a media report that more executives were being investigated by the authorities is untrue.

The report is “inconsistent with the truth” and Sun Longde and Wang Guoliang are handling their responsibilities as usual, the company said in an e-mailed statement today. PetroChina had earlier suspended its shares from trading in Hong Kong and Shanghai pending the statement.

Mainland newspaper China Business News reported today that five executives including managers from PetroChina and its parent China National Petroleum Corp. had been summoned by the authorities. They included Sun Longde, a PetroChina vice president who had replaced another official under investigation, and Wang Guoliang, CNPC’s chief financial officer.

The report cited an unidentified person close to PetroChina as saying it wasn’t clear if the executives were being investigated or were helping with an investigation.

PetroChina’s statement didn’t mention the other three executives cited in the China Business News report.

PetroChina shares rose 1.3 percent to HK$8.81, compared with a 0.6 percent gain in the benchmark Hang Seng Index. The stock has tumbled 20 percent in Hong Kong this year.

Former Chairman Jiang Jiemin, who left PetroChina in March, was removed from his post as head of the state assets regulator and is under investigation, the official Xinhua News Agency said Sept. 2. Five days earlier, PetroChina said it removed four senior managers after authorities started a probe.

To contact the reporter on this story: Benjamin Haas in Hong Kong at bhaas7@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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