Sinopec chairman resigns abruptly
Updated: 2007-06-25 14:42
 Chen Tonghai [File photo]  |
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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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.
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