Sinopec Says It Cooperates With H.K. Anti-Graft Probe

Sinopec Storage Tanks
China Petroleum & Chemical Corp. (Sinopec) storage tanks stand behind a fence in the Tsing Yi area of Hong Kong. Photographer: Jerome Favre/Bloomberg

Jan. 31 (Bloomberg) -- China Petroleum & Chemical Corp., the country’s biggest refiner, said it’s cooperating with a Hong Kong anti-graft agency investigation of executives at one of its units in the city.

Sinopec, as the company is called, is “cooperating fully with the relevant authority and will closely follow its progress,” the company said in an e-mailed statement yesterday. The company’s policy is to operate in line with Hong Kong’s “core values,” and it will not tolerate any illegal or corrupt conduct, Sinopec said.

Hong Kong’s Independent Commission Against Corruption is probing a Sinopec unit in Hong Kong, Apple Daily newspaper said yesterday, citing an unidentified person. Executives allegedly took bribes before awarding an oil-station contract, according to the report. The ICAC questioned two senior executives, it said.

The company’s preliminary understanding is the inquiries relate to the “individual conduct” of the individuals concerned, Beijing-based Sinopec said yesterday. Operations aren’t affected, it said.

To contact Bloomberg News staff for this story: Henry Sanderson in Beijing at hsanderson@bloomberg.net

To contact the editor responsible for this story: Rosalind Mathieson at rmathieson3@bloomberg.net