14:43 03.10.2023

NACP adds three largest Chinese oil and gas companies to list of intl sponsors of war

3 min read
NACP adds three largest Chinese oil and gas companies to list of intl sponsors of war

Three largest oil and gas companies from China are included in the list of international sponsors of the war, the website of the National Agency on Corruption Prevention (NACP) reported on Tuesday.

"The three largest Chinese oil and gas companies continue to implement joint projects in Russia and finance Russia's strategic industry by paying their significant taxes. NACP added China National Offshore Oil Corporation (CNOOC Group), China Petrochemical Corporation (Sinopec Group) and China National Petroleum Corporation (CNPC) to the list of international sponsors of the war," NACP said in the statement.

CNOOC Group is the third largest national oil company of the People's Republic of China after CNPC and Sinopec and is the largest offshore oil and gas producer in the People's Republic of China.

"Since the beginning of the full-scale invasion, the company has continued to actively increase cooperation with Russia. In July 2023, the first liquefied natural gas (LNG) line on a gravity-type floating basis, the so-called "floating plant," of the Arctic LNG-2 project was completed and launched... The implementation of this project can increase Russia's share in the global liquefied natural gas market to 15%, currently its share is about 8%... Russian propaganda also pays great attention to the implementation of the project," NACP said.

Sinopec Group is the second largest state-owned company in China, engaged in the extraction of fossil fuels and specializing in crude oil refining.

"Back at the end of March 2022, a Sinopec representative said that the Chinese state-owned energy company would continue to buy crude oil and gas from Russia, even if Western democracies increased sanctions in response to Russia's invasion of Ukraine... Sinopec, through its controlled Soihl Hong Kong Holding Limited, also owns a 40% stake in Amur Gas Chemical Complex LLC. In 2022, this enterprise paid taxes in the amount of 2.1 billion rubles (or $30 million) to the Russian budget," NACP said.

China National Petroleum Corporation is the largest Chinese national oil and gas corporation and one of the world's largest energy companies in oil and gas production.

"CNPC has significant integration with the largest Russian companies in the oil and gas industry, as well as the government of a terrorist state. Among the main common projects: Yamal LNG OJSC; the Arctic LNG-2 project; the Power of Siberia gas pipeline; the Skovorodino-Siberian oil pipeline Mohe-Datsin, etc. Owning shares of companies in Russia, CNCP pays significant taxes to the aggressor's budget, which allows this war to continue," NACP said.

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