COFCO’s ex-head moves to lead Sinochem
Print Edition
THE former head of China’s top food processor and grain trader COFCO Group has been appointed as chairman of Sinochem Group, the country’s fourth-largest oil firm said yesterday.
Ning Gaoning replaces long-serving Sinochem chief Liu Deshu, who is leaving due to reaching a government-set retirement age, Sinochem said, without giving further details.
Top jobs at major state-run enterprises such as Sinochem and COFCO are typically appointed by the government.
Sinochem Group, formerly the country’s monopoly oil and chemicals trader until the early 1990s, has expanded into oil and gas production, refining, agriculture and real estate.
Analysts said the appointment of Ning, known for making acquisitions in the agricultural sector, could see Sinochem further expand its seed and fertilizer business as the oil and gas business faces seven-year low oil prices.
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