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Sinopec's senior vice president Fangzheng resigns

Jiao Fangzheng has resigned as senior vice president at China Petroleum & Chemical Corp., or Sinopec, effective June 7, according to a June 7 statement from the company. Fangzheng also served as executive director, member of the Strategy Committee of the company's board of directors.

A reason for his resignation was not provided.

The Chinese oil giant posted net profit attributable to owners of 51.12 billion Chinese yuan in 2017, up from 46.42 billion yuan in 2016.

Diluted earnings in 2017 reached 0.422 yuan per share, higher than 0.383 yuan per share in the previous year.

As of June 6, US$1 was equivalent to 6.39 Chinese yuan.