Arab Today, arab today new heads for all 3 chinese oil giants
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

New heads for all 3 Chinese oil giants

Arab Today, arab today

Arab Today, arab today New heads for all 3 Chinese oil giants

Net profit of the listed unit of Sinopec slumped 29.7% year-on-year in 2014
Shanghai - AFP

China has replaced the heads of its three biggest energy companies, the firms said in separate statements, as speculation mounts over reforms to the oil industry.

China's Communist Party controls the management of the country's major state-owned enterprises with power to shuffle their heads at will.

Industry giant China National Petroleum Corp. (CNPC) said in a statement that chairman Zhou Jiping had stepped down due to age, to be replaced by Wang Yilin, previously head of offshore oil firm CNOOC.

CNOOC -- which is known internationally for its multi-billion-dollar acquisition of Canada's Nexen -- said its president had been promoted to fill Wang's post.

Separately, Sinopec said its chairman Fu Chengyu had been replaced by Wang Yupu of the Chinese Academy of Engineering, also because of age. All three announcements came late Monday.

Chinese state media have said the government is planning structural reforms to the energy industry this year, with reports saying the changes could include a merger between CNPC and Sinopec. Both companies have twice denied speculation of a merger.

"New leaders would have better opportunities and less of a burden to move the reform forward quickly, that is exactly what the leadership change is about," Gordon Kwan, Hong Kong-based head of regional oil and gas research at Nomura, told Bloomberg News.

State media said earlier this month that China is considering merging scores of its biggest state-owned enterprises to create around 40 national champions from the existing 112.

But the government agency that manages those enterprises, the State-owned Assets Supervision and Administration Commission, has also denied those reports.

Reform of the energy industry would come as China's three oil majors struggle with lower crude prices.

The listed arm of CNPC, PetroChina, recorded an 82 percent year-on-year plunge in net profit for the first quarter, after a 17 percent fall for all of 2014.

Net profit of the listed unit of Sinopec slumped 29.7 percent year-on-year in 2014, but CNOOC eked out a 6.6 percent gain last year.

Investors took the management changes positively, with PetroChina shares rising 0.67 percent and Sinopec edging up 0.86 percent by midday in Shanghai.

 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new heads for all 3 chinese oil giants Arab Today, arab today new heads for all 3 chinese oil giants

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new heads for all 3 chinese oil giants Arab Today, arab today new heads for all 3 chinese oil giants

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday