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1st LD-Writethru: China's state oil giants get new chairmen

Xinhua, May 4, 2015 Adjust font size:

Chinese state oil giants Sinopec, the China National Offshore Oil Corporation (CNOOC) and the China National Petroleum Corporation (CNPC) got new chairmen on Monday with the announcement of personnel changes.

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.

It was agreed at the Sinopec senior executives' meeting that 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 the CNOOC, will resume the chairman role, succeeding Wang Yilin.

Due to plunging oil prices and weak domestic demand, the net profit of Sinopec Corp. plummeted 84.6 percent year on year in the first three months of 2015 to 2.17 billion yuan (354.86 million U.S. dollars), while PetroChina, the listed arm of the CNPC, reported an 82-percent fall in profit for the period. Endi