China appointed new heads for each of its three national oil companies yesterday, in a major reshuffle of the sector at the heart of its two-year anti-corruption drive.
The oil industry has been ground zero for the country’s anti-corruption purge, which has targeted patronage networks belonging to former energy and security tsar Zhou Yongkang.
It has also been buffeted by sharp declines in the price of crude, which has left the oil majors saddled with expensive overseas assets acquired when prices were at their peak.
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