SINGAPORE – Sinopec Chairman, Hou Qijun, has initiated a thorough structural makeover to save earnings at the world’s largest oil refiner, which is now dealing with declining domestic fuel consumption, petrochemical overcapacity, and rapid electric vehicle adoption. To diversify away from declining traditional transportation fuels and address institutional inertia and “big company syndrome,” Hou is decentralizing operations into four distinct profit centres while allocating over RMB 30 billion annually to new energy, sustainable aviation fuel (SAF), and advanced materials by 2030.
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(Source: The Star)
