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New chief appointed
Source: Bloomberg News |
November 24, 2011, Thursday
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Print Edition
Print Edition
CNOOC Ltd, China's biggest offshore oil and natural gas explorer, has appointed Li Fanrong as chief executive to replace Yang Hua following an aborted acquisition attempt.
Li, executive director of CNOOC, takes over after the Hong Kong-listed company this month abandoned a joint venture deal to buy BP's US$7.1 billion stake in an Argentinian crude oil producer.
Yang, who will stay on as vice chairman, stepped down to spend more time as president of Cnooc's state-owned parent, the company told Hong Kong's stock exchange yesterday. Yang will "focus on company strategy," it said.
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