BUSINESS

Former State Oil Executive Gets Suspended Death Sentence for Bribery

Published: Jun. 22, 2026 3:56 p.m. GMT+8

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Yuan Guangyu. Photo: VCG

A former executive of state-owned energy giant China National Offshore Oil Corp. (CNOOC) has been sentenced to death with a two-year reprieve for accepting more than 152 million yuan ($22 million) in bribes.

A court in Xuzhou, East China’s Jiangsu province, last week handed down the verdict against Yuan Guangyu, a former deputy general manager at CNOOC, ordering the confiscation of all his personal assets and stripping him of his political rights for life.

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Yuan Guangyu, former CNOOC deputy general manager, sentenced to death with two-year reprieve for $22 million in bribes.
He confessed, returned illicit gains, and avoided immediate execution; all personal assets confiscated.
Part of sweeping anti-graft campaign; over a dozen CNOOC executives investigated since March 2024.

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China National Offshore Oil Corporation: China National Offshore Oil Corporation (CNOOC), a state-owned energy giant, has been embroiled in a major anti-graft campaign. Former deputy general manager Yuan Guangyu received a death sentence with a two-year reprieve for accepting over 152 million yuan in bribes, highlighting the crackdown on corruption in China's state-owned energy sector.

China Oilfield Services Ltd.: China Oilfield Services Ltd. (601808.SH) is a subsidiary of state-owned CNOOC. Its former president Yuan Guangyu was sentenced to death with a two-year reprieve for bribery exceeding 152 million yuan. Former chairman Qi Meisheng also faced investigation in China's anti-graft campaign targeting the state-owned energy sector.

CNOOC Ltd.: CNOOC Ltd. (600938.SH) is a subsidiary of state-owned China National Offshore Oil Corp. It is an energy company involved in offshore oil and gas. Former executives, including Yuan Guangyu, have been convicted in China's anti-graft campaign for bribery, reflecting ongoing scrutiny of the sector.

AI generated, for reference only