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BIZCHINA / Biz Who
Sinopec chairman resigns abruptly
(Agencies)
Updated: 2007-06-25 14:42
Chen Tonghai [File photo]
SinopecCorp. has nominated Su Shulin as a new candidate for a director of
its board following the resignation of its chairman, Chen Tonghai.
Sinopec, also known as the China Petroleum and Chemical Corporation, is
one of China's two leading onshore oil and gas producers and the nation's
largest oil refiner.
The nomination was adopted at the 11th meeting of the 3rd session of
Sinopec' board of directors held on Sunday, according to an announcement
posted on the company's official website on Monday.
Zhou Yuan, vice chairman of Sinopec, will "perform the duties and powers
of the chairman of the board before a new chairman is elected," the
announcement says.
Sinopec announced on Friday that Chen Tonghai had resigned as a director
and chairman of the company's board "for personal reasons."
Chen had also resigned from the posts of general manager and secretary of
the CPC (Communist Party of China) Committee of China Petrochemical
Corporation, Sinopec's parent company, "for personal reasons," according
to a statement posted on the website of the State-owned Assets
Supervision and Administration Commission on Friday.
Neither the company nor the commission specified the reasons behind
Chen's resignation. But Hong Kong's South China Morning Post newspaper,
citing unidentified sources, said Saturday the move might be linked to a
scandal in Shanghai over possible misuse of government pension funds.
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and chairman
The commission said Su Shulin had replaced Chen as general manager and
Party secretary of the parent company.
In November 2006 Su resigned from the post of vice president of
PetroChina Co. Ltd. and was later appointed a senior government official
of the northeastern province ofLiaoning.
Sinopec, listed inShanghai,Hong Kong, New York and London, garnered 50.7
billion yuan (6.7 billion U.S. dollars) in net profits last year, a
growth of 28.1 percent on the previous year.
The scandal in Shanghai has roiled the city's government, leading to the
firing of its?party chief and other officials.
In the latest development, news reports say the boss of Shanghai's new
Formula 1 race track has been fired and faces possible prosecution.
(For more biz stories, please visit Industry Updates)
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