Former General Manager of China National Offshore Oil Corporation (CNOOC), Li Yong, who was taken down from his position nearly half a year ago, has been expelled from the Communist Party and transferred to judicial authorities.
On September 11, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission of the Communist Party of China announced that Li Yong, the former Deputy Party Secretary and General Manager of China National Offshore Oil Corporation (CNOOC), has been expelled from the party and stripped of his benefits. He is suspected of criminal acts and has been referred to the prosecution for investigation and prosecution.
According to the announcement, Li Yong has repeatedly accepted banquets and golf activities arranged by suppliers, engaged in irregular promotion and adjustment of cadres, and accepted bribes in exchange for favors. He shamelessly engaged in the exchange of power and money, both domestically and overseas, by taking advantage of his position to seek profits for others in business agency, product sales, job promotion, and illegally accepting huge amounts of money.
Li Yong, who is 61 years old this year, graduated from the Southwest Petroleum University and has been working at CNOOC for a long time.
Starting in 2003, Li Yong gradually rose through the ranks, holding positions such as Deputy General Manager of the Tianjin Branch of CNOOC (China) Limited, Executive Vice President, Chief Executive Officer, and President of CNOOC Oilfield Service Co., Ltd.
In March 2017, Li Yong left CNOOC after working there for nearly 33 years (in November 2017, China Ocean Oil Holdings Co., Ltd. was renamed China National Offshore Oil Group Co., Ltd.), and transferred to China Petrochemical Corporation (Sinopec) as Deputy General Manager.
In September 2020, Li Yong returned to CNOOC as Vice Chairman of the Board, General Manager, Non-Executive Director, and member of the Compensation Committee. He retired in December 2023 and was announced to be under investigation less than three months after his retirement.
China National Offshore Oil Corporation is a listed company under China National Offshore Oil Group, a large-scale state-owned enterprise and China’s largest offshore oil and gas production operator with more than 80,000 employees and total assets exceeding trillions.