New chairmen named at state oil giants
Print Edition
NEW chairmen were appointed to Chinese state oil giants Sinopec, the China National Offshore Oil Corp and the China National Petroleum Corp yesterday.
Sinopec Group, parent of China’s top oil refiner Sinopec Corp, said that Wang Yupu, former deputy director of the China Academy of Engineering, has been appointed as its new chairman.
Wang will replace Fu Chengyu, who has retired, as the new chairman and Party chief.
CNOOC Chairman Wang Yilin will take up the leading role at the CNPC, replacing retiring Zhou Jiping, while Yang Hua, general manager of CNOOC, will assume the chairman role, succeeding Wang Yilin.
Due to plunging oil prices and weak domestic demand, the net profit of Sinopec Corp dived 84.6 percent year on year in the first three months of this year to 2.17 billion yuan (US$349 million) while PetroChina, the listed arm of the CNPC, reported an 82 percent fall in profit for the same period.
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