The head of Sinopec, China's second-largest oil firm, has stepped down after reaching China's mandatory retirement age, the company said on Monday.
Fu Changyu, who served as both chairman and party secretary, will retire in favor of Wang Yupu, Sinopec said on its social media account, writes China Correspondent, Lucy Hornby.
Mr Fu made his name in the oil business as the head of smaller state owned oil firm CNOOC, when it failed in 2005 to buy American oil firm Unocal due to Congressional opposition.
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