Sinopec Oilfield Service proposes capital restructuring, board changes

Sinopec Oilfield Service Corporation announced proposals to amend its articles of association, abolish the supervisory committee, and elect a new non-executive director at its extraordinary general meeting (EGM) on December 18, 2025. These changes, prompted by new company law and CSRC guidelines, will see the audit committee assume the supervisory committee's duties, and the board will include at least one new employee representative director. The company aims to complete these changes by January 1, 2026.

The company also plans to use reserves to offset accumulated losses, which totaled RMB1,820.779 million as of December 31, 2024. This will reduce its surplus reserve to RMB0 and capital reserve to RMB9,713.704 million. These losses primarily stem from cumulative losses of RMB1,445 million from its former entity, Sinopec Yizheng Chemical Fibre Co., Ltd., and industry downturns in 2016-2017.

Additionally, Wang Minsheng has been nominated as a non-executive director. His appointment, if approved, will commence from the EGM approval date until June 2027, with no remuneration for this role.