Energy Intelligence Group announced today that Fu Chengyu, chairman of Beijing-based Sinopec Group (China Petrochemical Corporation), is the first leader of an Asia-based company to earn the distinction of his peers as "Petroleum Executive of the Year." The 2012 award, as selected by top global industry executives, will be presented to Mr. Fu on November 12 at an honorary dinner opening the 33rd Annual Oil & Money Conference in London.
Fu Chengyu was appointed chairman of Sinopec, the state-owned petroleum and petrochemical giant, in April 2011 following a lengthy career at China National Offshore Oil Corp. (CNOOC), which he served as president of since 2003. An economist, his exposure to international business came early – in 1983 he chaired CNOOC joint ventures with global oil majors Amoco, Chevron, Texaco, Phillips, Shell and Agip.
Sinopec's mission under Fu's leadership is clear. "We believe the next five years is a period for Sinopec to step up to the next level, to accelerate growth by means of alternative development channels and to further enhance quality and profitability," the chairman noted in a letter to shareholders.
"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 Energy Intelligence. "He has extensive experience 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."
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 Energy Intelligence publication. These nominations are then voted on by a committee of previous award winners and former senior oil executives.
Previous winners of the Petroleum Executive of the Year Award include José Sergio Gabrielli de Azevedo of Petrobras (2011), Andrew Gould of Schlumberger (2010), Christophe de Margerie of Total (2009), Paolo Scaroni of Eni (2008) and H.E. Abdulla al-Attiyah of Qatar (2007).