Shares in China’s most valuable company fell by almost 5 per cent on Wednesday after the detention of four senior executives in relation to an apparent corruption probe.
In a statement to the Hong Kong stock exchange on Tuesday, PetroChina confirmed that two vice-presidents and its chief geologist “are currently under investigation by relevant [Chinese] authorities”. The company added that the three – Li Hualin, Ran Xinquan and Wang Daofu – had resigned “due to personal reasons”.
Mr Li was also chairman of Kunlun Energy, a Hong Kong-listed PetroChina subsidiary, whose shares fell as much as 12 per cent on Wednesday. Mr Ran was in charge of one of PetroChina’s largest oilfields, while Mr Wang served as the company’s chief geologist.
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