The Secretive China Energy Giant That Faces Scrutiny - Bloomberg:
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CEFC China Energy Co.’s rapid ascent was shrouded in mystery. So is the turmoil that’s engulfing the Shanghai-based company. Its chairman, Ye Jianming, is said to have been investigated by authorities, and the company is reported to have been taken over by an arm of the Shanghai government. Speculation that the company is connected to China’s military, the People’s Liberation Army, has followed CEFC during its rise.
1. What is CEFC?
When it agreed to buy a $9 billion stake in Russia’s Rosneft PJSC in September, CEFC said it was China’s largest private oil and gas company, with 50,000 employees and revenue of more than $40 billion. Since its founding in 2002, it has bought up stakes in sectors ranging from oil and petrochemical processing to financial services, apparel and even a soccer team in the Czech Republic. Its oil-trading portfolio includes a 4 percent stake in Abu Dhabi’s largest oil concession, awarded last year for an $888 million signing bonus, and a five-year supply deal with Rosneft."
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