Fu chengyu biography of william

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. He finally became the Chairman of the Sinopec Group on April Back to Profile. Photos Works. Main Photo. Chengyu Fu. School period Add photo. Faculty Directory.

Alumni Stories. Program Testimonials. Global Alumni Network. Alumni Moments. Video Library. Business Conditions Index. Business Sentiment Index. Investor Sentiment Survey. MM Chinese Art Indices. Case Center. Research Center. Events Overview. As Asia's largest oil company, with nearly 2 million employees, Sinopec is much bigger than CNOOC, although it is not as internationalized or market-orientated.

It would have been the biggest foreign acquisition by a Chinese company.

Fu chengyu biography of william

He was questioned at the time about the deal at home and in the United States. It was a colossal amount by Chinese standards, costing as much as the Three Gorges Dam project, the most important infrastructure project in China at the time. In the US, it was seen as politically threatening, whereas in China, people wondered whether his abilities matched his ambitions, asking questions such as "is the snake is going to eat an elephant?

But for Fu, the risks were carefully calculated. Indeed, "it is no longer a risk when you realize it", he says, using another Chinese idiom, when speaking at an oil industry event in London earlier this month where he collected a leadership award. Fu says he was sure the Unocal transaction was going to prove profitable. He believed the US oil company's share price was undervalued.

It had gas reserves of 4 billion barrels, with only 1. Share prices would rise as soon as it made the rest of the reserve public.