Cnooc Ltd. Chairman Wang Yilin will return to China National Petroleum Corp. amid the latest leadership shuffle at state-run energy companies, according to people familiar with the situation.
Cnooc Vice Chairman Yang Hua will replace Wang and also assume his chairmanship role at the company’s parent China National Offshore Oil Corp., according to the people, who asked not to be identified because the appointments haven’t been announced. Wang will take over as chairman of CNPC.
The leadership changes come as China Petrochemical Corp. Chairman Fu Chengyu is planning to retire and could presage consolidation within the country’s oil and gas sector. New leaders will be challenged to steer the oil giants through Xi Jinping’s crackdown on corruption that has wracked the industry, and deliver on his insistence market forces play a more decisive role in the economy.
Qu Guangxue, CNPC’s Beijing-based spokesman, didn’t answer two calls to his office seeking comment Saturday. Sinopec’s Beijing-based spokesman didn’t answer two calls to his office. Gao Jianhua, China National Offshore’s spokesman in Beijing, didn’t answer two calls to his office line.
Born in 1956, Wang has worked in China’s oil and gas industry for more than 30 years after starting as a petroleum engineer in western China in 1982, according to his resume posted by Xinhua News Agency. He was appointed chairman of China National Offshore in April 2011 after being deputy general manager of CNPC from 2003.
The South China Morning Post earlier reported Wang is rejoining CNPC as chairman and that Yang would replace him.
-- With assistance from Keith Zhai in Beijing.