China has selected Fu Chengyu, former CNOOC (CNOOC; CEO.NYSE, 0883.HK) chairman and president, as chairman of the country’s largest national oil company, China Petrochemical Corp (SNP.NYSE, SNP.LSE, 600028.SH, 0386.HK), Bloomberg reported. China Petrochemical, also known as Sinopec Group, has set up a board of directors and will separately appoint a president, the company said. Since Fu joined CNOOC in 2003, the offshore-focused oil company’s stock price has climbed more than sevenfold and its profit has increased fivefold, reaching US$8.3 billion last year. CNOOC has spent US$17.6 billion on foreign acquisitions since its failed bid for Unocal (now part of Chevron; CVX.NYSE, CHTEX, Euronext) in 2005. Fu replaces Su Shulin, who has been appointed to a government post in Fujian Province. Wang Yilin, vice president at PetroChina’s (PTR.NYSE, 601857.SH, 0857.HK) parent company China National Petroleum Corp, will fill Fu’s previous posts as chairman and president CNOOC and its parent company, China National Offshore.
