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Luo Lin denied speculation his relocation was to dodge possible graft probes linked to China's state-dominated oil and gas sector.

Anton Oilfield chief relocates to Hong Kong amid downturn

Anton Oilfield Services relocated its chairman from its Beijing headquarters to Hong Kong to beef up overseas business development amid a downturn in the domestic market.

Anton Oilfield Services, one of the mainland's largest privately owned drilling services providers serving the oil and gas majors, relocated its chairman from its Beijing headquarters to Hong Kong to beef up overseas business development amid a downturn in the domestic market.

The company is seeking to broaden its client base for overseas projects operated by mainland state oil and gas firms to national firms in resource-rich regions such as the Middle East, South America and Central Asia, founder, chairman, chief executive and largest shareholder Luo Lin told the

"Given the uncertain outlook of the mainland's market, it is not effective for me to run around to drum up business there," he said last Thursday. "That's why I am pursuing overseas opportunities."

He denied speculation his relocation was to dodge possible graft probes linked to China's state-dominated oil and gas sector, saying he and Anton are not subjects of any investigation related to the mainland's energy sector that saw dozens of regulatory and company officials taken away to assist investigations.

The mainland accounted for 72.4 per cent of Anton's revenue in the first half, down from 80 per cent in last year's first half. The rest is from abroad.

At least six senior executives of PetroChina and its parent firm China National Petroleum Corp have been detained since mid-last year to assist corruption probes and removed from their posts, resulting in delays in new projects and less outsourcing of oilfield services after new managers were installed.

Hua Bangsong, chairman and controlling shareholder of Hong Kong-listed Wison Engineering, a Shanghai-based provider of engineering and construction services to the petrochemical industry that counted PetroChina as its largest client, has been assisting mainland authorities' probes for a year and has not been contactable by its board.

Luo said he and his family moved to Hong Kong late last year on an investment immigration visa. The move was not previously reported.

He dismissed concerns his absence would affect his management effectiveness.

"I am still the chairman and chief executive ... I still attend the headquarters' daily morning meeting via teleconference, [my physical absence] has no impact at all," he said.

This article appeared in the South China Morning Post print edition as: Anton chief relocates to HK amid downturn
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