CHINA National Petroleum Corp. (CNPC), China’s State-owned energy giant, will sell off most of its hotels by the end of 2017 and get rid of more than 4,000 company cars as part of efforts to root out corruption and waste, it said yesterday.

    Since 2013, the government has cracked down on official corruption and extravagance.

    The big State-owned conglomerates have been a particular focus and several high-ranking executives or former executives at CNPC have been investigated or jailed.

    In a statement released by the Communist Party’s graft-busting Central Commission for Discipline Inspection, CNPC said that the latest inspection by anti-corruption teams had been very effective at rooting out problems.

    “It has hit the nail on the head, grasping the essence and crux [of the issue], helping us find the root of the disease,” it said.

    As part of company efforts to rein in spending, all the hotels it runs will be sold off by late 2017, apart from a “small number” that are competitive or are in exploration areas with no other hotels, it said. (SD-Agencies)