The central government's move to fight corruption in the oil and gas industry will accelerate the reform of China's energy sector and improve the corporate management of State-owned enterprises, experts said.
On Sept 1, China's top discipline watchdog said authorities are investigating Jiang Jiemin, the former head of the State assets regulator.
Jiang, the former chairman of the State-owned Assets Supervision and Administration Commission, SASAC, is being probed for "grave discipline violations", which usually refers to corruption, according to a statement by the Central Commission for Discipline Inspection.
He was named as the head of SASAC in March after serving as chairman of China National Petroleum Corp, the country's largest oil and gas company, for about two years.
Jiang, 58, was the first company executive to be promoted to the position, rather than a government official.He became the third chief in charge of SASAC that was established in 2003 to regulate 118 central State-owned enterprises.
Jiang became chairman of CNPC in April 2011. After joining Shandong Shengli Oilfield Co as a technician in 1972, he worked in the petroleum industry, apart from four years as vice-governor of Qinghai province between 2000 and 2004.
Jiang's probe is mainly related to his previous working experience in CNPC rather than in SASAC.
Just a few days before his investigation was announced, another four top executives at the vice-president level in the company were reported to have been put under investigation and resigned from their posts.