China names chairmen for CNPC, Sinopec Group

Credit: REUTERS/CHINA STRINGER NETWORK

China Petrochemical Group (Sinopec Group) Chairman Dai Houliang is set to become the new chairman for China National Petroleum Corp (CNPC), replacing Wang Yilin who is retiring, three people with knowledge of the matter told Reuters on Friday.

SINGAPORE/BEIJING, Jan 17 (Reuters) - China Petrochemical Group (Sinopec Group) Chairman Dai Houliang is set to become the new chairman for China National Petroleum Corp (CNPC), replacing Wang Yilin who is retiring, three people with knowledge of the matter told Reuters on Friday.

Dai served the last decade as a senior executive of Sinopec Group's listed arm, Sinopec Corp 0386.HK.

Zhang Yuzhuo, who once served as the chairman of China's largest coal miner Shenhua Group, is set to replace Dai, according to one of the people.

Wang Yilin previously served as the chairman of China National Offshore Oil Corp (CNOOC).

A CNPC spokesman and Sinopec declined to comment.

The new appointments come two months after China announced the merger of the networks operated by the three state-owned giants, CNPC, Sinopec and CNOOC, under a single state entity.

China has been accelerating the overhaul of its energy sector in recent years, including changes to its gas pricing policy and merging power and coal mining giants.

Dai started his Sinopec management experience in 1997 as the deputy managing director of its subsidiary plant, Yangzi Petrochemical Corp. Sinopec is Asia's largest refiner.

(Reporting by Asia energy team, Aizhu Chen in Singapore and Muyu Xu in Beijing; Editing by Himani Sarkar)

((aizhu.chen@thomsonreuters.com; +65 6870 3284; Reuters Messaging: aizhu.chen.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More