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 financial ties to a private equity firm cofounded by Hunter Biden, according to a Washington Free Beacon report.
In April, the Department of Energy of Biden announced the sale of nearly one million barrels to Unipec. Unipec is the trading arm of Sinopec. The Chinese Communist Party is the sole owner and operator of Sinopec.
Unipec is said to have bought oil from around the world and then sold it via its Sinopec Marketing affiliate.
According to Unipec’s LinkedIn page:
UNIPEC America, Inc. is a wholly owned subsidiary of China International United Petroleum and Chemical Co. Ltd., better known as UNIPEC. UNIPEC is the trading arm of SINOPEC, currently No.2 largest company on the Global Fortune 500 list in 2019.
Biden’s younger brother, Hunter Biden, is reportedly connected to CCP-owned Sinopec. A private equity firm Hunter Biden cofounded reportedly purchased a nearly $2 billion stake in Sinopec Marketing in 2015.
Vehicles queue at a Sinopec gas station on December 3, 2020, in Huai an, Jiangsu Province of China. (Zhao Qirui/VCG via Getty Images)
As the Free Beacon reported:
Biden is connected to Sinopec through BHR Partners, a private equity firm he cofounded in 2013. BHR bought a $1.7 billion stake in Sinopec Marketing in 2015. Biden at one point owned a 10 percent stake in BHR Partners through his wholly owned firm, Skaneateles, LLC.
It’s unclear if the younger Biden has any financial interest in BHR Partners. Biden’s White House has repeatedly claimed throughout 2019 and 2020 that Hunter Biden was out of the equity firm, but Chinese corporate records show he still has a stake in the company.
Biden’s White House dodges questions about Hunter Biden’s stake in BHR and directs the media to Hunter Biden’s representatives for further information.
“On the first, the president’s son is not an employee of the federal government, so I’d point you to his representatives,” former White House press secretary Jen Psaki said in December. “I believe I have answered your question. The representative who isn’t an employee can be contacted .”
President Joe Biden’s son Hunter Biden attends a Presidential Medal of Freedom ceremony at the White House on July 7, 2022. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Biden’s administration stated that the sale would address the “pain Americans feel at the pump” as well as fight against “Putin’s price rise,” as it is called by the administration.
Unipec continues to support the Russian economy through oil purchases from Russia, in spite of promises not to buy any more Russian oil .”
As recent as May, Unipec “significantly increased the number of hired tankers to ship a key crude from eastern Russia,” according to Bloomberg.
Daniel Turner founder of Power the Future blasted Biden for his move, telling the Washington Free Beacon it highlighted the Biden family’s “relationship to China .”
” We were told by Biden that he was going to release this oil to America in order to refine it for gasoline, which would lower fuel costs. Turner stated that they are lying to Americans right away. They aren’t even remotely related .”