AI summary
Summary of article:
Following the Fifth Plenary Session of the CPC Central Committee, officials announced that former Sinopec Chairman Fu Chengyu was under investigation for suspected serious violations of discipline and law. This 11-year-old veteran of the petroleum system has become one of the benchmark cases for recent purification.
Communist Party of China After the fifth plenum of the CPC Central Committee ended, it was officially announced that East ChinaOil Fu Chengyu, chairman of Chemical Group Co., was investigated for suspected serious violations of discipline and law. Fu Chengyu has beenretire Huang Qifan, the former mayor of Chongqing in 2011, who was investigated after officially announcing his retirement 10 years ago, are both iconic cases of the CCP’s recent purge.
Fu Chengyu was born in 1951. He is 76 years old. He was a member of the 17th Central Discipline Inspection Commission of the Communist Party of China and a member of the National Committee of the Chinese People’s Political Consultative Conference. He has worked in the petroleum system for many years. In 2003, he was appointed as general manager and president of CNOOC. In April 2011, he was appointed as Chairman of China Petroleum and Chemical Corporation (Sinopec). He retired in May 2015. He has been under investigation for more than 11 years since his retirement.
During his tenure at Sinopec, Fu Chengyu initiated several reforms, mainly covering six major business areas: refining engineering, petroleum engineering, coal chemical, lubricants, liquefied gas sales and water services.
He has already entered the international media scene. According to a 2017 report by China Entrepreneur Magazine, in 2005, as part of its operation, CNOOC transferred oil to Unocal, an American oil company with more than 100 years of history. Corporation), with an acquisition price of US$18.5 billion. Although the takeover ultimately failed, Fu Chengyu was named one of the most influential people in the world by Time magazine in the same year. The comment was that “Opposition from Washington politicians eventually forced Fu Chengyu to abandon plans to acquire the American oil company Unocal, but his extraordinary courage ushered in a new era.”
He has also received numerous honors, including: 2005 CCTV Chinese Economic Person of the Year by “World Economist Weekly”; 2006 Top Ten Most Influential Figures in Chinese Enterprises; “Top Ten Annual Figures of 2006 Promoting the Internationalization of Chinese Brands” selected by the World Productivity Science Alliance, China Productivity Society, etc.; “Chinese Entrepreneur” magazine’s “Most Influential Chinese Business Leaders in 2006”; Fu Chengyu was ranked seventh on Fortune’s list of China’s 50 most influential business leaders in 2012; In 2012, he was named one of the 25 entrepreneurs who influenced China in the 20th century; In November 2012, he won the “Global Petroleum Industry Leader of the Year” award, etc.
Notably, he also led Taiwan’s cooperation with China Petroleum Corporation in oil and gas exploration in the Taiwan Strait and overseas. In 2008, as general manager of CNOOC, he co-signed the “Letter of Intent for Cooperation” between the two parties with Pan Wenyan, Chairman of China National Petroleum Corporation, in Beijing, and three contracts were signed by representatives of the two parties, including the “Agreement on Extending the Exploration Period of Taichao Oil Contract”, “Joint Research Agreement on Nanri Island Basin Agreement Area” and “Partial Equity Transfer Agreement on the Block”. 9″ in Kenya.
Summary FAQ
-
After the Fifth Plenary Session of the CPC Central Committee ended, officials announced that Fu Chengyu, former chairman of China Petroleum and Chemical Corporation, was under investigation for suspected serious violations of discipline and law. Since it has been 11 years since he retired, this case is considered an indicative case in the recent purge.
-
Fu Chengyu has worked in the petroleum system for many years. He once served as general manager and president of CNOOC. He became chairman of Sinopec in April 2011 and retired in May 2015. He also served as a member of the 17th Central Commission for Discipline Inspection of the Communist Party of China and a member of the National Committee of the Chinese People’s Political Consultative Conference.
-
He once led CNOOC to propose an $18.5 billion acquisition of Unocal Petroleum Company of the United States, which attracted international attention even though it was unsuccessful. He also promoted cooperation between CNOOC and Taiwan’s China National Petroleum Corporation, including several agreements on exploration of the Taiwan Strait and overseas oil and gas.
