Sinopec chairman Chen Tonghai has resigned from his post for "personal reasons," forfeiting his positions as general manager and Communist Party chief of the Hong Kong-listed arm of state-owned China Petrochemical, the Financial Times reported, though at least one Chinese media report quoted sources from Sinopec's parent company as saying "serious breaches of discipline" – an often-used euphemism for official corruption – were involved. Chen will be replaced by Su Shulin, currently vice-president of PetroChina, one of Sinopec's largest rivals. The appointment of a PetroChina executive to the post may be seen as a disapproval of Sinopec's management methods from high levels in the Communist Party, which controls senior appointments in state-owned companies.
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