Singapore, 19 March (Argus) — Jiang Jiemin is stepping down as the chairman of Chinese state-controlled oil company PetroChina as he takes on a new job yet to be officially announced.
His resignation as chairman and director takes effect immediately, PetroChina said yesterday. Vice-chairman Zhou Jiping will head the company's board of directors until a new chairman is elected.
Jiang is likely in line to replace Wang Yong as director of China's state asset regulator, the state asset supervision and administration commission. Yong was promoted to China's highest authority, the state council, this month.
Jiang has served as chairman of PetroChina since 2007 and of its state-owned parent, CNPC, since 2011. The company has become more weighted to natural gas during his term. Proven gas reserves climbed 25pc during 2006-11, while oil reserves fell less than 1pc.
PetroChina has also expanded its downstream operations under Jiang, processing 27pc more crude in the first nine months of 2012 than it averaged in 2006. Upstream volumes increased 26pc during the same period.
PetroChina's crude production was 2.51mn b/d in last year's third quarter, while domestic gas production fell to 6.4bn ft³/d (180mn m³/d). The company reports its full-year results later this week.
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