China's top three oil firms see leadership reshuffle

New chairmen were announced for China’s top three oil companies on Monday, Reuters reported, citing company statements. State-owned Sinopec Group, owner of Asia’s largest oil refiner Sinopec Corp, said its chairman, Fu Chengyu, had retired and will be replaced by oil industry veteran Wang Yupu. China National Offshore Oil Company (CNOOC) executive Wang Yilin has been appointed chairman of China National Petroleum Corp (CNPC) to replace retiring chairman Zhou Jiping; the opening left by Wang at CNOOC will be filled by Vice Chairman Yang Hua. The top-down reshuffling comes after Q1 earnings reports showed China’s energy firms had been hit hard by low oil prices and easing demand.