Sinopec boss wins "Petroleum Executive of the Year"

Chinese oil giant Sinopec's boss Fu Chengyu has been awarded the title of the Petroleum Executive of the Year in London on Monday evening by the world leading energy research group Energy Intelligence (EI).

Fu, chairman of the Beijing-based Sinopec, also known as the China Petrochemical Corporation, the fifth largest oil company in the world, is the first leader of an Asian oil and gas company to earn the award for his transformational personality.

"His peers recognize that Mr. Fu is a transformational figure in China's oil industry and emerging markets as a whole," said Ivan Sandrea, President of the EI.

Sandrea spoke highly of Fu's extensive experience in building partnerships with international oil companies and participating in Chinese oil and gas investments around the world.

"By effectively harnessing China's strong technical skills, he has been a catalyst in this globalization of his country's petroleum business."

Fu said at the awarding ceremony that the award to him is recognition of the involvement and contribution by a Chinese energy company in world energy industry.

He said it is the recognition of Sinopec's establishment of a sound interaction system integrating overseas investment, international trade and engineering and technological services, enhancing international operation and management level and competitiveness, and cultivating Sinopec brand worldwide.

Fu started his career in oil industry in 1982, joining China National Offshore Oil Corporation (CNOOC). He became Sinopec's chairman in 2011. Under his leadership, Sinopec's overseas operation has expanded swiftly to more than 20 countries and regions including Southeast Asia, Africa and South America.

The Petroleum Executive of the Year award is the international energy industry's most prestigious award, given in recognition of outstanding leadership by an executive in the international energy industry.

Nominations for the award are solicited from CEOs and other senior managers of more than one hundred of the world's largest oil and gas firms, as they appear in the annual Top 100 rankings by Energy Intelligence.

The Petroleum Executive of the Year selection process begins with Energy Intelligence eliciting nominations from the heads of the 100 largest oil companies determined by the annual company rankings in Petroleum Intelligence Weekly, an EI publication. These nominations are then voted on by a committee of previous award winners and former senior oil executives.

By the end of 2011, Sinopec's total assets have increased by 17 percent year on year to 1.745 trillion yuan (279.2 billion U.S. dollars), ranking the fifth largest company in sales in Forbes Global 2000.