Newsmaker

CNOOC's Fu Chengyu to join Sinopec as chairman

(Agencies)
Updated: 2011-04-08 17:22

Fu Chengyu, president of China National Offshore Oil Corporation. [Photo / sina.com.cn]

Fu Chengyu will become chairman of China Petroleum?and Chemical Corp, Asia's biggest refiner, after presiding over a fivefold profit increase at smaller State-controlled oil producer China National Offshore Oil Corporation (CNOOC), Bloomberg News reported Friday.

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Fu will also become president of China Petrochemical Corp (Sinopec), the report quoted?Liu Xiaobiao, a Beijing-based spokesman of CNOOC as saying. Fu quit his post as president of China National Offshore, CNOOC's parent, Liu said.

CNOOC reported profit of 54.4 billion yuan ($8.3 billion) last year, up from 11.5 billion yuan in 2003, when Fu became chairman, the report said.

"Fu is a very well-respected manager of an integrated oil company," said?Peter O’Malley, head of the Asia-Pacific energy and resources group?of HSBC Holdings Plc in Hong Kong. "He has strategic vision and is the right person to take Sinopec to the next level."

China National Petroleum Corps' Vice-President Wang Yilin will fill Fu's posts at CNOOC, the report quoted?Liu as saying.

Fu, who turns 60 this year, has a master's degree in petroleum engineering from the University of Southern California. He joined China National Offshore in 1982, according to his biography on CNOOC's website.

According to Fujian Daily's report on April 3, Sinopec Group's President Su Shulin took over as deputy party secretary of?Fujian province, the report said.