According to a Washington Free Beacon report, 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 connections to a private equity firm Hunter Biden cofounded.
The sale to Unipec, the trading division of Sinopec, of almost a million barrels was announced by Biden’s Department of Energy in April. The Chinese Communist Party owns and runs Sinopec in its entirety.
According to reports, Unipec purchases oil all over the world and then reportedly sells it through its subsidiary Sinopec Marketing.
On Unipec’s LinkedIn profile, it says:
A fully owned subsidiary of UNIPEC, also known as China International United Petroleum and Chemical Co. Ltd., is UNIPEC America, Inc. SINOPEC, the second-largest company on the 2019 Global Fortune 500 list, has a trading division called UNIPEC.
The CCP-owned Sinopec is said to have financial ties to Biden’s son, Hunter Biden. 2015 reportedly saw the acquisition of a nearly $2 billion stake in Sinopec Marketing by a private equity firm Hunter Biden cofounded.
On December 3, 2020, a Sinopec gas station in Huai An, Jiangsu Province, China, had a line of parked cars. VCG/Zhao Qirui via Getty Images
According to the Free Beacon:
Through BHR Partners, a private equity company he cofounded in 2013, Biden has ties to Sinopec. In 2015, BHR invested $1.7 billion in Sinopec Marketing. Through his wholly owned company, Skaneateles, LLC, Biden once owned a 10% stake in BHR Partners.
Whether the younger Biden still owns stock in BHR Partners is unknown. Hunter Biden’s White House claimed on numerous occasions in 2019 and 2020 that he had left the equity firm, but Chinese corporate records show he still has a stake in it.
The Biden White House has avoided questions regarding Hunter Biden’s ownership of BHR, referring questions to Hunter Biden’s representatives.
Jen Psaki, a former White House press secretary, said in December, “On the first, the president’s son is not an employee of the federal government, so I’d point you to his representatives.” “I believe I responded to your query. You can speak with the person’s representative if they are not a federal government employee.
The sale, according to Biden’s administration, will “address the pain Americans are feeling at the pump” and counteract “Putin’s price hike,” as it is known.
Nevertheless, despite assurances that it would “buy no more Russian oil moving forward,” Unipec has kept supplying the Russian economy with oil.
According to Bloomberg, as recently as May, Unipec “significantly increased the number of hired tankers to ship a key crude from eastern Russia.”
Biden’s action was denounced by Daniel Turner, founder of Power the Future, who told the Washington Free Beacon that it emphasizes the Biden family’s “relationship with China.”
“We were told that Biden was releasing this oil to the United States so that it could be refined into gasoline to lower gas prices. So they’re lying to the American people right away,” Turner said. “What they did is not even remotely related to what they’re saying they did.”