China's Sinopec denies report on leadership reshuffling

29 November 2004 05:18  [Source: ICIS news]

SHANGHAI (CNI)--China's Sinopec has denied a news report on the company’s chairman planning to step down soon, according to a statement released by the company.

 

A newswire report wrote last week that Sinopec’s Chairman Chen Tonghai is likely to step down in the near term without quoting any sources.

 

The report prompted Sinopec Corp to issue a statement, saying that no one from the company has released such information and that there will be no reshuffling in the company’s leadership.

 

As part of its plan to focus on core operations and reduce repetition in businesses, the Sinopec’s board last month approved plans to acquire petrochemical, catalyst and gas-stations assets from its parent company, Sinopec Group Co.

 

Sinopec Corp will also dispose its downhole operation assets to Sinopec Group. These assets belong to the oilfield services business which provide internal services and support to the company.

 

When the acquisition is completed at the end of this year, Sinopec Corp’s ethylene capacity will increase by 380 000 tonne/year, synthetic resin by 580 000 tonne/year, monoethylene glycol by 63 000 tonne/year, paraxylene by 414 100 tonne/year, purified terephthalic acid by 625 000 tonne/year and synthetic fibre monomer and polymers by 448 000 tonne/year.
By: Clara Tan
+65 6780 4359

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