Thu 30 Mar 2017 12:50

Senior Sinopec fuel oil exec leaves to join e-platform: source


VP Xu Qin is said to have joined Shanghai-based ChinaYIE.

A senior fuel oil executive at China Petroleum & Chemical Corporation (Sinopec Corp) has left the firm to join a Chinese e-commerce commodity platform, Reuters reports.

Xu Qin is said to have vacated his position as vice president of Sinopec Fuel Oil Sales Co to join ChinaYIE, a platform active in chemicals trading that is operated by Shanghai GYIE Cross-Border Co., Ltd.

According to the Shanghai-based platform, it has recorded a total trading volume of CNY 62.271 billion ($9 billion) and has more than 13,500 registered users.

Xu was formerly general manager of Unipec Singapore Pte. Ltd, which acts as a distributor of oil products and natural gas in the Asia-Pacific region. The company is owned by China International United Petroleum & Chemicals Co., Ltd, a subsidiary of Sinopec.

Launched in 2010, Sinopec Fuel Oil Sales Co is the sales and marketing arm of Sinopec. It is responsible for running fuel oil storage facilities and selling fuel oil production from Sinopec's refineries.

On 26th March, Sinopec reported that net profit surged 44 percent to CNY 46.7 billion ($6.8 billion) in 2016, compared to the previous year.
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