Ukraine adds three largest Chinese oil and gas companies to the list of international sponsors of war
The National Agency on Corruption Prevention has added the three largest Chinese oil and gas companies to the list of international sponsors of war.
The NACP press service reported this.
These are the China National Offshore Oil Corporation (CNOOC Group), China Petrochemical Corporation (Sinopec Group), and China National Petroleum Corporation (CNPC).
They continue to implement joint projects with Russia and finance Russia's strategic industry with their taxes.
CNOOC Limited, a subsidiary of CNOOC, and another Chinese company, CNPC, each have a 10% stake in the Arctic LNG-2 project located on the Gyda Peninsula in the Arctic region of the Russian Federation. Capital investments to launch the Arctic LNG-2 project at full capacity are estimated at $21.3 billion.
Since the beginning of the full-scale invasion, the company has continued to actively increase its cooperation with Russia. In July 2023, the first gravity-based floating liquefaction line, the so-called floating plant, of the Arctic LNG-2 project was completed and launched.
The implementation of this project could increase Russia's share of the global liquefied natural gas market to 15%, which currently stands at around 8%.
A representative of the Sinopec Group, a fossil fuel company specialising in crude oil refining, said that the Chinese state-owned energy company would continue to buy crude oil and gas from Russia despite the sanctions.
The corporation owns a 10% stake in Sibur Holding. Sinopec also owns a 40% stake in Amursky Gas Chemical Complex LLC through its controlled Soihl Hong Kong Holding Limited.
China National Petroleum Corporation has significant integration with Russia's largest oil and gas companies, as well as the government of the terrorist state. The main joint projects include:
- Yamal LNG (a joint project with the sanctioned company Novatek, in which CNPC holds a 20% stake);
- Arctic LNG-2 project (a joint project with the sanctioned company Novatek, in which CNPC holds a 10% stake);
- the Power of Siberia gas pipeline (CNPC and sanctioned Gazprom JSC are the operators of the pipeline);
- Skovorodino-Mohe-Daqing oil pipeline, etc.
In addition, in September 2022, Gazprom and CNPC agreed to switch to paying for services in national currencies (rubles and yuan), which strengthens and stabilises the Russian ruble despite the sanctions.
