Deals
Mystery of China Energy Giant That Came From Nowhere Deepens
- CEFC China said to miss making payment for oil-trading venture
- Speculation swirls around co. that agreed to buy Rosneft stake
Photographer: Qilai Shen/Corbis via Getty Images
This article is for subscribers only.
CEFC China Energy Co.’s rapid ascent was shrouded in mystery and the turmoil that’s engulfed the company over the past week is no different.
Just six months ago, CEFC called itself China’s largest private oil and gas company, with 50,000 employees and revenue of more than $40 billion. That’s when it agreed to buy a $9 billion stake in Russian state energy giant Rosneft PJSC following a series of deals elsewhere -- a spree that spawned speculation over how the previously obscure firm managed to make its mark on the international stage so quickly.