Former General Manager of China National Offshore Oil Corporation (CNOOC) Li Yong has been sentenced to 14 years in prison for taking bribes totaling over 67.94 million Chinese Yuan (RMB). Li Yong was investigated in March last year, just three months before his retirement.
On August 5th, the Xiangyang Intermediate People’s Court in Hubei Province publicly announced the verdict of the bribery case involving Li Yong, the former Deputy Secretary of the Party Committee and General Manager of CNOOC. Li Yong was convicted of bribery and sentenced to 14 years in prison, along with a fine of 3 million Yuan.
The court stated that from 1996 to 2023, Li Yong used his positions as the Director of the Comprehensive Technical Department of CNOOC Exploration Department, Director of Drilling and Well Testing Department, Director of Well Drilling and Completion Office, Deputy General Manager and General Manager of CNOOC Tianjin Branch, Executive Vice President, President, and CEO of CNOOC Oilfield Service Co., Ltd., and General Manager of China National Offshore Oil Corporation to provide assistance to relevant enterprises and individuals in business agency, product sales, and other matters, directly or through other persons, and illegally accepted a total of over 67.94 million Yuan.
On March 15th last year, Li Yong was investigated; in September, he was expelled from the Party, had his benefits revoked, and was referred to the judicial system.
Public records show that Li Yong, born in August 1963, graduated from Southwest Petroleum University in 1984 and joined CNOOC the same year. He held positions such as Executive Vice President, President, and CEO of CNOOC Oilfield Service Co., Ltd. after nearly 33 years of service in the CNOOC system.
In March 2017, after working for nearly 33 years in the CNOOC system, Li Yong was transferred to become the Deputy General Manager of China Petroleum & Chemical Corporation Group. In September 2020, Li Yong returned to CNOOC and served as Vice Chairman and General Manager until his retirement due to age in December 2023.
CNOOC, established on February 15, 1982, with the approval of the State Council of the Communist Party of China, is a super-large state-owned enterprise and the largest offshore oil and gas production operator in China. The company has a registered capital of 113.8 billion Yuan and owns five listed companies both at home and abroad. Its main businesses include oil and gas exploration and development, professional technical services, refining and sales, natural gas and power generation, and financial services.