President Joe Biden’s administration sold 950,000 barrels of oil from the U.S. Strategic Petroleum Reserve to a Chinese state-owned gas company that has financial ties to a private equity firm cofounded by Hunter Biden, according to a Washington Free Beacon report. In April, Biden’s Department of Energy announced the nearly one million barrel sale to Unipec, which is the trading arm of Sinopec. Sinopec is wholly owned and operated by the Chinese Communist Party. Unipec reportedly purchases oil across the globe and then apparently sells it through its Sinopec Marketing subsidiary.
According to Unipec’s LinkedIn page: UNIPEC America, Inc. is a wholly owned subsidiary of China International United Petroleum and Chemical Co. Ltd., better known as UNIPEC. UNIPEC is the trading arm of SINOPEC, currently No.2 largest company on the Global Fortune 500 list in 2019.
Biden’s son, Hunter Biden, reportedly has financial ties to the CCP-owned Sinopec. A private equity firm Hunter Biden cofounded reportedly purchased a nearly $2 billion stake in Sinopec Marketing in 2015.