Jiang Jiemin Reveals Liao He Oil Field Case

Jiang revealed that he had helped Zhou Bin and Wu Bing’s company by instructing Sinopec management to make a report to the State Council claiming that Liao He Oil Field had run out of oil reserve so it needed to be abandoned. They suggested that Wu Bing’s company was bought for 10mm RMB.

After Wu Bing (behind the scene Zhou Bing)’s company bought it, during the first year, Liao He Oil Field made 1.7bn RMB in profit. By the 3rd year, it made 4bn RMB in profit.

As many mining workers protested and shangfang, the State Council sent in the Audit Department and determined that Liao He Oil Field actually still had 300bn worth of oil left, which completely contradicts what Sinopec reported, out of reserve.

However, Zhou Yongkang still managed to get Jiang Jiemin promoted to the State Asset Commission with a huge promotion.