CNOOC appoints Li Fanrong as CEO after Yang Hua

The China National Offshore Oil Corporation (CNOOC), one of the country's largest state-owned oil companies, said Wednesday night that it had appointed Li Fanrong as its new CEO. Li replaced Yang Hua, who resigned from the post to devote more time to his responsibilities as general manager of CNOOC, the company's board said in a statement on its website. Yang continues to serve as the vice chairman of the company's board, the statement said. Li, born in 1963, joined the company in 1984 after graduating from college. He worked as a petroleum engineer, working his way up the executive ladder and becoming a member of the company's board in May 2010. Wang Yilin, CNOOC's chairman, said he believes Li's abundant management experience in offshore oil and gas development will create more value for the company's shareholders.