
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Separately, Sinopec said its chairman Fu Chengyu had been replaced by Wang Yupu of the Chinese Academy of Engineering, also because of age.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.
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor