Fu Chengyu to Join Sinopec as Chairman, Stepping Down as Cnooc President

Fu Chengyu will become chairman of China Petroleum & Chemical Corp. (386), Asia’s biggest refiner, after presiding over a fivefold profit increase at smaller state- controlled oil producer Cnooc Ltd. (883)
Fu will also become president of China Petrochemical Corp., parent of China Petroleum, known as Sinopec, Liu Xiaobiao, a Beijing-based spokesman at China National Offshore Oil Corp., said by mobile phone today. Fu quit his post as president of China National Offshore, Cnooc’s parent, according to Liu.
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Source: Bloomberg