China's graft watchdog investigates former Sinopec chairman

Fujian province governor Su Shulin attends a news conference in Beijing, China, Feb 14, 2012. 

PHOTO: REUTERS

OCT 8, 20151:30 PM

[SHANGHAI] Chinese authorities have placed the governor of Fujian province, who is also the former chairman of China Petroleum and Chemical Corporation, under investigation on suspicion of "serious disciplinary violations", China's anti-graft watchdog has said.

Su Shulin had been Fujian governor since 2011 and also served as deputy Communist Party chief in Fujian, the Central Commission for Discipline Inspection said in a statement late on Wednesday.

Su was chairman of China Petroleum and Chemical Corporation, or Sinopec Corp, before his appointment in Fujian, one of China's wealthiest provinces on the coast across from Taiwan.

The commission did not give details about Su's suspected 'disciplinary violations'. The accusation is used regularly as a euphemism for corruption.

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President Xi Jinping has carried out a sweeping campaign against corruption, waste and extravagance in official ranks since he assumed power three years ago.

Su, 53, was also previously the vice-president of CNPC, the parent of PetroChina , and was seen as a rising star within the party leadership because of his accomplishments and relatively young age.

Several sources told respected financial magazine Caixin that Su's case was related to discoveries made about Sinopec by inspection teams from the government's audit office.

It was not possible to reach Su for comment and it was not immediately clear if he has any legal representation.

Mr Xi has targeted the energy industry in his far-reaching campaign against graft. CNPC was a power base for disgraced former domestic security chief Zhou Yongkang, who was jailed for life for corruption in June.

REUTERS

    
 

Oil prices bounce back in Asian trade 

Oil prices bounced back in Asia Thursday as investors weighed a rise in US crude inventories and production against a forecast by Opec's chief of rising demand. 

PHOTO: AFP

OCT 8, 201511:39 AM

[SINGAPORE] Oil prices bounced back in Asia Thursday as investors weighed a rise in US crude inventories and production against a forecast by Opec's chief of rising demand.

US benchmark West Texas Intermediate for November delivery climbed 23 cents to US$48.04 and Brent crude for November gained 21 cents to US$51.54 in late-morning Asian trade.

Prices tumbled Wednesday after a US Department of Energy report showed commercial crude stockpiles rose more than expected in the week ending October 2, indicating softer demand in the world's top oil consuming nation.

Stockpiles rose by 3.1 million barrels, more than the market estimate of 2.25 million barrels. That brought inventories to 461.0 million barrels, more than 27 per cent higher than a year ago.

US production, which had fallen by 40,000 barrels per day in the previous week, unexpectedly surged by 76,000 barrels per day, dousing hopes of an easing in the global crude oversupply.

Traders, however, were also weighing remarks by Abdalla Salem El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries, that demand will rise more than projected this year.

"World oil demand is estimated to increase by 1.5 million barrels per day in 2015, higher than the initial projection," El-Badri said in a statement to the International Monetary Fund (IMF).

"In 2016, improvement in global economic activities is anticipated to support world oil demand to grow by 1.3 million barrels per day." Sanjeev Gupta, who heads the Asia Pacific oil and gas practice at professional services firm EY, said the market is waiting for the release Friday of minutes of the last meeting of the Federal Reserve for further clues on the health of the US economy after last week's disappointing employment data.

AFP