China's Sinopec names new president

China's Sinopec Corp., Asia's top refiner,announced on Wednesday that Li Chunguang has been named as its new president.

It was agreed at the shareholders' meeting of Sinopec Corp. that Li will replace Wang Tianpu in the role. Li's employment term lasts till May 2015.

Li, 57, was elected as board director of Sinopec Corp.in May 2009.

Sinopec Group, the largest shareholder of Sinopec Corp., is a massive petroleum and petrochemical group in China.