Sinopec nominates new board director after chairman resigns

UPDATED: 14:21, June 25, 2007

Sinopec Corp. has nominated Su Shulin as a new candidate for a director of its board following the resignation of its chairman, Chen Tonghai.

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.

The commission said Su Shulin had replaced Chen as general manager and Party secretary of the parent company.

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 of Liaoning.

Sinopec, listed in Shanghai, 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.

Source: Xinhua

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