Prexit: Another president leaves PetroChina - Singapore's second-biggest bunker supplier

Zhang Jianhua becomes second president to depart since April.

Image credit: Pixabay CC0

Updated on 15 Nov 2018 00:01 GMT

PetroChina Company Ltd - the parent company of Singapore's second-biggest bunker supplier, PetroChina International (Singapore) Pte Ltd - has announced the resignation of its president, vice-chairman and executive director, Zhang Jianhua, who vacates the role just over five months after his appointment became effective on June 5.

Local media sources on Wednesday were claiming that Zhang had landed the job of director of China's National Energy Administration (NEA).

In a statement, PetroChina said that Zhang had tendered his resignation "due to the adjustment of positions" at the firm and "he has no disagreement with the Company and the Board and there is no other matter that needs to be brought to the attention of the shareholders".

"Mr. Zhang ... has been dedicated, diligent and meticulous at work in continuously promoting the high-quality development of the Company and actively repaying shareholders and society since [his] appointment.

"The Board would like to express its sincere gratitude to Mr. Zhang Jianhua for his significant contributions."

Zhang has more than 30 years' experience of working in China's petroleum and chemical industry. In addition to his role at PetroChina, Zhang has also been serving as a director, general manager and deputy secretary of the Party Committee of China National Petroleum Corporation (CNPC) - the parent of PetroChina.

Additionally, Zhang was chairman of PetroChina's Investment and Development Committee.

Zhang's resignation follows the departure in April of Wang Dongjin, who also served as vice-chairman, president, director and chairman of the Investment and Development Committee, and was also said to have resigned "due to the adjustment of positions".

As reported in January, PetroChina subsidiary PetroChina International (Singapore) Pte Ltd jumped 10 places to become Singapore's second-largest bunker supplier by sales volume in 2017 - after being ranked 12th as a new entrant in 2016.

Incorporated in 2004, the company markets crude oil, refined oil products, natural gas and petrochemicals.

Back in 2009, the Singapore-based firm acquired Keppel's stake in Singapore Petroleum Company (SPC) - a supplier of marine fuels - and subsequently took over the business.

In PetroChina's last financial results for the third quarter, the company posted a year-on-year rise in shareholder net profit of 348.7 percent to RMB 21.035bn ($3.0bn) and an increase of 111.9 percent to RMB 63.323bn ($9.1bn) for the first nine months.