China oil tycoon held in graft probe: media

In 2003, former flower magnate Yang Bin, once listed as China's second richest man with an estimated fortune of $900 million, was jailed 18 years for commercial crimes. Auto executive Yang Rong who faced similar charges fled in 2002.

In 2000, the flamboyant Mou Qizhong, once billed as China's richest man, was jailed for life for foreign exchange fraud.

China is in the middle of a crackdown on corruption, which the ruling Communist Party says is so widespread it could threaten the party's credibility and even survival.

Hong Kong's Beijing-funded Ta Kung Pao daily said the China Securities Regulatory Commission requested Gong's detention.

Shares of Tianfa Petroleum, which deals in liquefied gas, chemicals and other oil products as well as agricultural products, have fallen about 27 percent since end-September even as larger rivals such as Sinopec Corp. have soared on high oil prices.

Sinopec shares have risen about 39 percent over the same period.

(US$=7.83 yuan)

(Additional reporting by Kirby Chien and Benjamin Kang Lim)