• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Triple Junction Solar Cell Sets World Record Efficiency

Triple Junction Solar Cell Sets World Record Efficiency

NUS researchers have developed a…

CEFC China Energy Chief Probed For Economic Crimes

Chinese authorities are investigating the chief executive of CEFC China Energy, Ye Jianming, on suspicion of economic crimes, an unnamed source told Reuters. The information also appeared in Chinese magazine Caixin.

CEFC last year struck a deal to buy a 14.16-percent interest in Russia’s Rosneft for more than US$9 billion. At the time, the news raised quite a few eyebrows as the more logical candidate for a hefty stake in such a large company would be a state oil and gas player.

Yet CEFC, it appeared, had Beijing’s favor. The company is the largest private energy business in China and has been investing heavily both at home and abroad, including projects in Central Asia, Eastern Europe, and the Middle East. At home, the company has been buying and building oil storage capacity. CEFC has even been entrusted with storing part of China’s strategic petroleum reserve. Besides its energy business, CEFC is also active in financial services and online insurance.

Could this favor now be taken away? There is always such a possibility. The questioning of Ye Jianming could be part of a wider crackdown on illicit business practices that earlier this year saw the state take control of insurance company Anbang, which Reuters’ Clara Ferreira-Marques called “recklessly ambitious.”

Related: Shale Drillers Are Supersizing Fracking

Nobody seems certain how things will develop and nobody has any certainty that a company that is today close to the government won’t attract regulator’s attention tomorrow. This seems to be the general sentiment among foreign investors with interests in China as President Xi Jinping consolidates his power. The message of the crackdown is clear: business must be kept in line, and this is apparently valid regardless of how well connected certain companies are in the state.

Two entities that should be particularly worried about the reported probe of CEFC’s boss are Glencore and the Qatar Investment Authority: they were the ones that agreed to sell their Rosneft stake to CEFC, and the deal has not yet been completed.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News