After being under investigation for five months, Yuan Guangyu, former member of the party committee and deputy general manager of China National Offshore Oil Corporation Group, has been expelled from the party, had his benefits revoked, and referred to the judiciary. He was accused of “feeding on oil through oil,” engaging in monetary and sexual favors, as well as power-for-money exchanges.
According to a report issued by the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission on July 31, Yuan Guangyu resisted investigation; participated in golf activities that could influence the fair execution of public duties; sought benefits for others in terms of job promotions; engaged in monetary and sexual exchanges; engaged in profit-making activities related to the business jurisdiction of previous positions after retirement; held positions in violation of regulations after retiring; shamelessly “fed on oil through oil,” engaged in large-scale power-for-money transactions, utilized his position to benefit others in project tendering, corporate operations, and other aspects, and illegally accepted substantial bribes.
According to the report, Yuan Guangyu has been expelled from the party, had his benefits revoked, and referred to the judiciary.
On March 1st this year, news emerged that Yuan Guangyu, who had retired for five years and five months, had fallen from grace.
Public records show that Yuan Guangyu was born in 1959 and joined CNOOC in 1982. He had served as the Deputy Manager of Bohai Oil Drilling Company, Deputy General Manager of CNOOC Northern Drilling Company, Deputy Manager of the Operations Department of China National Offshore Oil Corporation, General Manager and Party Secretary of CNOOC Northern Drilling Company.
In November 2006, Yuan Guangyu was promoted to Assistant General Manager of China National Offshore Oil Corporation, and in February 2009, he became an Executive Vice President. In April 2013, Yuan Guangyu concurrently served as the Director of China National Offshore Oil Corporation Bohai Oil Management Bureau, Deputy Secretary of the Party Committee, Secretary of the Party Committee, General Manager, and Party Secretary of CNOOC (China) Limited Tianjin Branch.
In June 2016, Yuan Guangyu was appointed as the President of CNOOC Limited, and in July he became the Deputy General Manager and member of the party committee of China National Offshore Oil Corporation. He retired at the mandatory age in September 2019.