The company, officially known as China Petroleum & Chemical Corp., posted its record earnings over $6 billion amidst America’s ongoing fuel shortages, skyrocketing gas prices, and the Democratic party’s push for the use of alternative energy sources.
Also known as Sinopec, the Biden-tied firm said it’s net income rose 11 percent to $6.5 billion in the first half of this year, according to an exchange filing. Oil and gas output rose 2.9 percent while diesel production increased 7.4 percent, though ongoing COVID-19 lockdowns in China are believed to be decreasing the country’s domestic fuel demand.
While other news outlets have covered the company’s profit surge, they consistently fail to mention its financial ties to the Biden family.
Sinopec, a Chinese Communist regime-controlled oil and gas enterprise, has its “fully-owned subsidiary” Sinopec Marketing Company which enjoyed a nearly $1 billion in investment from Hunter Biden’s private equity firm BHR Partners.
Finalized in March 2015, the investments from the controversial investment fund led to BHR Partners amassing a nearly 30 percent stake in Sinopec.
BHR Partners’ LinkedIn profile explicitly highlights its Sinopec investment, emphasizing that the firm was involved “in the pilot state-owned enterprise reform deal involving the segregation and capital.”
The new deal follows Sinopec’s Fuling Shale Gas Field hitting a country-wide record for production quantity and building its largest-ever natural gas storage facility amidst the Biden White House canceling the construction of the Keystone XL Pipeline.
It also follows an early move from the Biden White House whereby President Joe Biden rescinded an executive order from the Trump administration banning Chinese investment in or control of America’s power grid.
Hunter Biden still reportedly owns a 10 percent stake in...
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