CNOOC's Fu is new Sinopec chairman

Fu Chengyu, who has presided over a fivefold profit increase at China National Offshore Oil Co. (CNOOC), has been appointed chairman of China Petroleum and Chemical Corp. (Sinopec). Su Shulin, its former president, has taken a government post in Fujian province. Wang Yilin, also a non-executive director at PetroChina Co., was appointed chairman of CNOOC. Despite a failed bid for California-based Unocal Corp. in 2005, Fu has led the Beijing-based company to US$17.6 billion of global acquisitions. Fu will also become chairman of Sinopec Group’s Hong Kong-listed unit China Petroleum & Chemical Corp. Fu has a master’s degree in petroleum engineering from the University of Southern California. He joined CNOOC in 1982. (April 9,2011)