After seven years running CNOOC, the China state-owned offshore oil company, Fu Chengyu is being promoted. He will soon become the chairman of the China Petrochemical Corp. (better known as Sinopec) a bigger (in terms of sales and profits) player in the universe of China's state-owned companies. CNOOC -- which trades on the NYSE -- has generated impressive returns for investors: up 47% in the past year alone, and more than 200% over the past five. Despite a failed effort in 2005 to purchase Unocal Oil, the company has expanded its international offshore portfolio aggressively, while boosting domestic production. If Fu can come anywhere close to that track record at Sinopec, his Communist Party bosses (not to mention investors) will be pleased.