Sinopec chairman Wang Yupu steps down to take director’s role at national safety regulator

PUBLISHED : Friday, 22 September, 2017, 8:59pm
UPDATED : Friday, 22 September, 2017, 8:59pm

Wang Yupu has stepped down as chairman of state-backed China Petroleum & Chemical (Sinopec), the world’s second largest oil refiner by capacity, to head up China’s work safety watchdog, according to a stock market filing.

“Due to change of working arrangement, Wang Yupu has tendered his resignation to the board as chairman ... with effect from September 22,” Hong Kong and Shanghai-traded Sinopec, the listed flagship of state owned China Petrochemical Corp said in a filing to Hong Kong’s stock exchange on Friday.

Wang has been appointed by the central government to take up the position as director of State Administration of Work Safety, the Ministry of Human Resources and Social Security said in a statement on its website on Friday.

Sinopec’s vice chairman Dai Houliang will be acting chairman for the time being, the filing said.

“Wang was diligent and responsible during his tenure, and played a significant role in improving the governance and sustainable development of the company,” the statement said.

Wang, who turned 60 this year, joined Sinopec as chairman in May 2015. He is a former chairman of rival PetroChina’s Daqing Oilfeld, which operates the nation’s largest oilfield.

Former Sinopec chairman Li Yizhong was promoted to become director of the State Administration of Work Safety in 2005.