Background
Fu Chengyu was born on June, 1951 Heilongjiang, China.
成玉 傅
Fu Chengyu was born on June, 1951 Heilongjiang, China.
He graduated from the Northeastern University (China), and received a master's degree in petroleum engineering from the University of Southern California. He later studied at Cheung Kong Graduate School of Business.
He has more than 30 years experience in China’s petroleum industry. Fu first joined CNOOC in 1982 and has since held executive leadership positions throughout the corporation and its subsidiaries. In October of 2003, he was appointed as president of CNOOC and as both chairman of the board and CEO of the company.
His term of leadership has been highlighted by bold moves and aggressive undertakings in the international arena. 2005 saw CNOOC make a cash offer for American oil company Unocal. While political pressures prevented the deal from coming to fruition, it was a landmark event in which CNOOC, under Fu’s leadership, leapt out and announced its intent to compete globally, on even terms, with all the major global oil players. The proposed deal highlighted both the financial strength and the long-term, international strategic outlook of Fu and CNOOC. The deal illustrates the corporate commitment to growth through acquisition of key business units and a willingness to pursue sophisticated global financial transactions.
Fu’s long-term strategies and international outlook seem to have paid off. In October 2007 CNOOC made its debut in the Fortune 500 top enterprises in the world at number 469, and among the 50 companies with the fastest growing operating income, CNOOC ranks number ten. In terms of sales, CNOOC is the fastest growing oil company in the world.
Nonetheless, both Fu and CNOOC, face rapidly increasing market competition from both domestic and international energy players as China continues to make progress on its WTO commitments.
In 2002 he was appointed Chairman of the Board of Directors and CEO of China Oilfield Services Limited (COSL), another subsidiary of CNOOC. He became President of CNOOC, Chairman and CEO of CNOOC Limited in 2003.
On 16 September 2010, he resigned from his CEO position at CNOOC Limited while keeping the position of Chairman. He finally became the Chairman of the Sinopec Group on April 2011.