PetroChina share trading to resume after a short suspension

By Marc Castro

Sep 09, 2013 10:06 AM EDT

Share trading in PetroChina Co, the state owned oil producer, would resume in the afternoon after a short suspension. This was announced by the firm last Monday.

The share trading was suspended after a media outlet reported that PetroChina Company Director Wang Guoliang together with Vice President Sun Longde were under investigation. The company issued a statement saying the report was inaccurate.

In the statement, PetroChina said, "Wang Guoliang and Sun Longde are still working in their respective positions."

The report came from the China Business News last Monday, saying that five of PetroChina's executives had been detained, including Sun and Wang. The report quoted an unidentified source within the firm.

Share prices for PetroChina closed at Friday at HKD8.70 per share. The share values declined 21% overall this year.

This comes after former Chairman Jiang Jiemin was removed his post as state assets regulator. Nearly a week ago, PetroChina reported it removed four other senior managers after an inquiry was conducted as to former practices of the oil firm.

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