President of the China National Petroleum Corporation
As President of the China National Petroleum Corporation, Jiang Jiemin has US$30 billion at his disposal. In September 2009, the state-owned CNPC received a massive state-backed loan from the China Development Bank to fund its global expansion strategy through large acquisitions. Although most of the group's production is still domestic, Jiang has openly declared an expansionist strategy of which this loan is the first step. In April, he wrapped up the company's first quarter results with a promise to 'seize historic opportunities'.
Jiang was born in 1950 in north-eastern China. He was educated at Shandong University and has worked in the oil and gas industry for more than 30 years at both provincial and national level. He is known for his commitment to bureaucracy and, like many heads of Chinese state-owned enterprises, Jiang has a background in Chinese Communist Party administration. In the course of his career, he has also been appointed to various government and CCP Committee posts including Deputy Provincial Governor and Deputy Secretary of the Provincial Party Committee of Qinghai Province in the early 1990s. His first job at CNPC was as part of the team that prepared the company's stock listing and reorganisation in 1999. He has been prominent in the CNPC group since 2004, when he was appointed President of PetroChina and, despite facing much criticism for the fluctuations in the company's share price, he remains firmly entrenched.
The CNPC group has a strong presence in Africa. Among its biggest projects are hundreds of thousands of barrels of production in Sudan, a $5 bn. exploration and refining project in Niger and joint ventures with Sonatrach in Algeria. Its subsidiary, PetroChina, of which Jiang is the Chairman of the Board, has come up against much criticism for its role in Sudan, which provides huge revenues to the troubled regime of President Omer Hassan el Beshir.