China’s state-owned oil company squanders million on alcohol
April 12, 2011Jing GaoNo Commentscar owners, China Petroleum & Chemical Corporation Limited, corruption, gas price, Guangdong Province, Lafite, liquor, luxury, luxury goods, oil, oil prices, Sinopec, wine
Gas price has been skyrocketing for the past few years. Chinese car owners are burdened with unreasonably high expenses, even higher than what their American counterparts pay, despite having much less disposable income on average. But China Petroleum & Chemical Corporation Limited, or Sinopec, has often claimed they are not at a profit, which becomes the incredulous and indignant talk of every playground. (Read how gas price in China has soared and what Chinese say about it.)
This time, a net user on MOP.com has uploaded pictures of the photocopies of official invoices of purchases made by Sinopec’s Guangdong company. All of the purchases were made of fine liquor and wine and came in huge quantities. Look at Invoice No.1 and No.2, and you can find hundreds of bottles of liquor were bought at one time.
Those wheeler-dealers have acquired quite an expensive taste. They bagged up wine made by Château Lafite Rothschild, a luxury and symbol of wealth and social status in China. The wine cost $1,500 to $1,700 per bottle, according to the invoice.
The invoices didn’t state the purpose of use for the liquor and wine, but all invoices were rubber-stamped or signed by accountants at the company. Is it for bribery? For bosses’ families? For money laundering? We don’t want to make false accusation. But why does an oil company need to buy so much alcohol? One thing is certain: they can’t possibly be so generous with making ethanol-gasoline fuel.
Click to enlarge.