PetroChina Company Limited ADR (PTR)

[Timothy Smith]

China National Petroleum, parent of listed PetroChina (PTR -1.4%), is promises to sell several non-core businesses, including a chain of hotels and a taxi business, as state-owned companies come under pressure from the government to dispose of lucrative but often corrupt enterprises.

China’s two-year, anti-corruption drive has targeted the perks of office of government and state-owned enterprise employees, especially at CNPC, a former power base for now-disgraced energy and security czar Zhou Yongkang.

Also over the weekend, state oil company Cnooc (CEO -0.7%) pledged to "dismantle all entertainment equipment” and ban official receptions, dining and purchases of high-end consumer goods.