Chinese State-Owned Firm Won Nearly 6 Million Barrels of US Oil Reserves Through Auction Sale, Records Show
The Biden administration has sold nearly 6 million barrels of oil from the U.S. strategic reserve to an entity tied with the Chinese Communist Party, records show.
From September 2021 to July, the Department of Energy (DOE) has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the U.S. trading arm of Chinese state-owned oil company Sinopec. A Chinese firm with ties to Hunter Biden had made an investment in the national oil giant.
The sale would tap 5.9 million barrels in total from...