Recently, in a development related to the political faction led by former Chinese Vice President Zeng Qinghong, a key figure known as the No.2 in the Jiang faction, Four senior executives of China National Offshore Oil Corporation (CNOOC), the birthplace of Zeng Qinghong, have come under scrutiny.
The Discipline Inspection and Supervision Department of the China National Offshore Oil Corporation (CNOOC) and the Hubei Provincial Commission for Discipline Inspection released a statement recently, announcing that Qi Meisheng, former Deputy Chief Economist of CNOOC and former Party Secretary and Chairman of CNOOC Gas & Power Group Ltd., is currently under investigation.
Public records indicate that Qi Meisheng, born in 1968, graduated with a Bachelor’s degree in Drilling Engineering from China University of Petroleum (East China) and has worked in the CNOOC system for nearly 30 years. He entered CNOOC in 1991, and held various positions within the company, culminating in his appointment as Chairman of CNOOC Field Services Co., Ltd. in 2018.
In April 2021, Qi Meisheng resigned from his positions as Chairman and CEO of CNOOC Field Services Co., Ltd. citing job changes. Prior to his departure from CNOOC Field Services, he also served as the Party Secretary and General Manager of CNOOC’s Shenzhen Branch.
In addition to Qi Meisheng, two other former senior executives of CNOOC have also been placed under investigation. Fang Zhi, former Executive Vice President of CNOOC, and Chen Ming, former Deputy Team Leader of Coordination in the Bohai region of CNOOC Tianjin Branch, are among those being scrutinized.
Before the investigations involving these individuals, Li Yong, former Party Secretary and General Manager of CNOOC, was also investigated in March of this year, less than three months after his retirement.
The top echelons of CNOOC have witnessed a series of purges in recent years. In March 2022, Yu Changsheng, former member of the Party Committee and Vice President of China Marine Oil Engineering Co., Ltd., a subsidiary of CNOOC, was also put under investigation.
China Marine Oil Engineering Co., Ltd, a listed company under CNOOC, monopolizes the entire contracting business of China’s marine oil engineering industry.
Back in 2017, Wu Zhenfang, former Vice General Manager of CNOOC, was sentenced to three years and six months in prison for corruption, two years after his retirement.
The formation of the so-called “Petroleum Gang” within the Chinese Communist Party dates back to the era of Yu Qiuli, who served as the first Minister of the Petroleum Department of the CCP. Yu Qiuli played a crucial role in promoting Zeng Qinghong within the party, paving the way for his rise to power.
Zeng Qinghong’s close ties to the “Petroleum Gang” can be traced back to his early career, when he worked in the petroleum industry and established connections with influential figures like Yu Qiuli. This association helped shape Zeng Qinghong’s political trajectory and eventual ascension to becoming the de facto leader of the “Petroleum Gang”.
Over the years, descendants of top CCP leaders have increasingly ventured into the business world, particularly in the financial sector. Zeng Qinghong’s son, Zeng Wei, is one such example, deeply involved in the Chinese petroleum industry.
Zeng Wei, a prominent figure in the Chinese petroleum industry, has amassed a significant fortune across various sectors. His wealth and business activities have been closely linked to his father’s political influence.
In 2014, in his book “Confessions of Shen Bing”, Shen Bing, a well-known CCTV host and a mouthpiece of the CCP, revealed that Zeng Wei acknowledged the role his father, Zeng Qinghong, played in his entrepreneurial success.
The rise of Zeng Wei, as highlighted by economic sociologist He Qinglian, was closely tied to his father’s longstanding dominance in the petroleum, energy, and chemical industries. Zeng Qinghong’s connections and patronage were pivotal in shaping his son’s business ventures and expansion into real estate.
The intricate web of relationships within the “Petroleum Gang” sheds light on the intertwined realms of politics and business in China, where familial connections and party affiliations often pave the way for economic success and influence.