Sinopec's Fu Chengyu on Lubing Reform's Wheels

(Beijing) – China's major oil companies have been tapped to lead the powerful state-run sector into the next phase of nationwide market reforms.

And a top executive at one company – China Petroleum and Chemical Corp. (Sinopec) Chairman Fu Chengyu – is taking the initiative to reassure investors and encourage public support.

With central government backing for the latest reform initiatives, Sinopec and China National Petroleum Corp. (CNPC) in recent months have unveiled separate, pilot plans to partner with private companies through new ownership structures.