久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

 
Home> Latest News

Fu helps Sinopec navigate overseas markets

Updated: 2012-11-20 08:11
By Diao Ying in London (China Daily)
Comments() Print Mail Large Medium  Small 分享按鈕 0
Shortly after Fu Chengyu became chairman of China Petroleum and Chemical Corp, or Sinopec, the company arranged to have an interpreter accompany him to an event where he was to speak to foreign guests.

Fu helps Sinopec navigate overseas markets

A Sinopec drilling site in Sudan. Tong Jiang / for China Daily

There, the 61-year-old gave practically everyone a surprise by speaking fluent English.

After that, several of his associates said they needed to learn English.

Chinese energy companies are becoming more and more of a driving force in the global energy industry.

And few people are more emblematic of Chinese companies' increasing prominence than Fu, who has overseen many of the largest mergers and acquisitions in the industry.

Fu, dressed in a blue, pinstriped suit, is as familiar with Western business practices as he is with Chinese politics.

His career underwent a large change in 2011, when he went from China National Offshore Oil Corp, or CNOOC, to Sinopec. His new employer, for one, is a much bigger company, now having the second-largest refining capacity in the world and nearly 2 million active and retired employees.

On the third day that Fu was in his new post, he found himself contending with a scandal. Media outlets were reporting that a company official had spent millions of yuan on liquor. As is usual in State-owned companies, Fu responded immediately. Within several days, he removed the corrupt official, called for the company to conduct a self-examination and held briefings to answer public questions.

Fu said Sinopec has a lot of potential and he is adapting to it.

"At first, I was influenced by the general way things are done at Sinopec," he said. "I first tried to become integrated. If I remained an outsider and didn't integrate, I wouldn't be able to have any influence. Adapting has helped me do my job better."

From April 2011 to October, Sinopec completed 10 overseas deals that, taken together, were worth $13 billion.

Ivan Sandrea, president of Energy Intelligence Group Inc, a research agency, said: "Fu is a transformational figure in China's oil industry and emerging markets as a whole. By effectively harnessing China's strong technical skills, he has been a catalyst in the globalization of his country's petroleum business."

Before receiving an award earlier this month in London for being a leader in the global oil industry, Fu used Chinese idioms to speak about lessons that he believes will be of use to Chinese companies trying to have an international presence.

"It is no longer a risk when you realize it," he said.

Fu helps Sinopec navigate overseas markets

Among other leaders of Chinese companies, many say, Fu distinguishes himself by his ability to manage overseas mergers and acquisitions.

In 2005, he led CNOOC, one of the three State-owned oil companies in China, in its ultimately unsuccessful attempt to purchase the American oil company Unocal Corp for $18.5 billion.

During the time leading up to the proposed transaction, he was questioned both at home and in the United States. In the US, the bid was seen as a threat from China. In China, people wondered whether his ambitions matched his abilities, asking questions such as: "Is the snake going to eat an elephant?"

Outsiders did not understand what he was trying to accomplish, he said. For him, the risks he took were calculated. He said he felt certain the proposed transaction would prove profitable.

For one, he believed Unocal's share price was undervalued. The US company had 4 billion barrels in its gas reserves but had only registered 1.7 billion barrels. As soon as the rest of that reserve were made public, he said, the company's share prices would go up.

He also had clear ideas about Chevron Corp, CNOOC's rival in the bid. Chevron had extra gas it could not sell, and Fu thought the company's share price would only decline if it bought more gas assets from Unocal. CNOOC, though, was trying to meet the oil demand in China, which was strong at the time.

"It was a simple equation," he said. "I dared to offer the high price because I thought it could go up even further."

The bid was eventually blocked by the US government. Even so, that failure turned out to be a prelude to a series of mergers and acquisitions rather than an end to such transactions.

Since Fu joined Sinopec, the company has made more than $10 billion in overseas investments in the past two years and now has assets in Africa, South America, the Middle East, the Asia Pacific region, Russia and Central Asia, as well as North America.

In 2011 alone, it completed five overseas oil and gas mergers and acquisitions. One was the purchase for $5.1 billion of Brazilian deepwater assets owned by the Portuguese company Galp Energia Group.

This year, it bought a third of Devon Energy Corp's stake in five shale projects in the United States. It also intends to buy a 49 percent stake in Talisman Energy Inc's UK subsidiary. When completed, the deal will give it access to 51 North Sea oil and gas fields.

Previous Page 1 2 Next Page

Survey & Comments

| About us | Contact |

Constructed by Chinadaily.com.cn

Copyright @ 2012 Ministry of Culture, P.R.China. All rights reserved

主站蜘蛛池模板: 大尺度福利视频奶水在线 | 久久99一区 | www日本高清视频 | 午夜爱爱毛片xxxx视频免费看 | 99香蕉网 | 自拍自录videosfree自拍自录 | 欧美国产合集在线视频 | 国产欧美日韩一区二区三区 | 男人的天堂2018 | 免费被黄网站在观看 | 亚洲视频在线免费 | 一级美女视频 | 亚洲一区二区精品视频 | 中文字幕一区在线 | 日韩一区二区三区四区不卡 | 亚洲二区在线播放 | 亚洲韩国欧美一区二区三区 | 九九99久麻豆精品视传媒 | 国产欧美成人一区二区三区 | 国产精品自在线天天看片 | 精品一区二区三区的国产在线观看 | 美女一级毛片免费看看 | 欧美丝袜xxxxx在线播放 | 国产老妇k | 国产成人精品999在线 | 一区二区三区在线看 | 午夜影院福利社 | 亚洲精品不卡在线 | 狠狠五月深爱婷婷网 | 福利视频美女国产精品 | a级毛片免费在线观看 | 精品国产九九 | 欧美日韩精品一区二区三区 | 国产真实乱子伦xxxxchina | 国产成人精品曰本亚洲77美色 | 很黄很暴力深夜爽爽无遮挡 | 国产精品亚洲精品久久成人 | 欧美日韩一区二区三区视频播 | 欧美日韩一级二级三级 | 日韩一区二区三区精品 | 欧美成网站 |