Sinopec has become the first Chinese state-owned company to be publicly reprimanded, after an accident that killed dozens of people.
The unprecedented transparency comes as the new administration has vowed to curb the privileges of state-owned enterprises and force officials to adopt austere, responsible conduct.
Sinopec, China’s second-largest oil company by market capitalisation, said yesterday that it would accept responsibility for a portion of the estimated Rmb752m ($124m) of damage caused when crude leaking from its pipeline exploded in November, killing 62 people and injuring 136 in the coastal city of Qingdao.
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