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Sinopec appoints new president
(Xinhua)
Updated: 2005-03-27 08:54
Sinopec Corp, China's largest producer and marketer of oil products, has
appointed Wang Tianpu as its new president.
Former president Wang Jiming, more than 60, retired, but will remain vice
chairman of the board of directors, according to the company, which is listed in
Hong Kong, New York, London and Shanghai.
"This is a normal leadership reshuffle. It's a normal case of younger people
succeeding senior ones," said Chen Tonghai, chairman of Sinopec Group, which
holds the controlling stake in Sinopec Corp.
The new president was born in 1962. He has received college education in
organic chemistry, master of business administration education and doctoral
studies in chemical engineering.
Sinopec has 86.7 billion shares, 55.06 percent of which are held by the state
through Sinopec Group, 22.36 percent by domestic banks and assets management
companies, 19.35 percent by foreign investors and 3.23 percent by domestic
investors, according to the company's website.
The company is also China's No. 1 supplier of major petrochemical products
and the second largest crude oil producer. It produced 38.16 million tons of
crude oil, 5.3 billion cubic meters of natural gas in 2003.
Announcement of the company's annual results in 2004 has been scheduled for
March 29 in Hong Kong.
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