Fortune Oil (LON:FTO) , the Hong Kong based group that invests in Chinese oil and gas supply and infrastructure projects has posted a strong set of full year figures reflecting continuing growth in the Chinese economy. The company also announced a major shake up of its top team, including news that former development director Tee Kiam Poon is set to replace Mdm Li Ching as chief executive in June.

Fortune saw revenues jump by 11% to £404 million in the year to December 31, 2009, with pre-tax profits up 15% to £18.0 million. It said the Chinese economy was growing strongly and that this was providing favourable trading conditions, with surging demand for energy. It added that that the Chinese government was making significant investments in infrastructure which was assisting Fortune’s commercial objectives.

Mr Qian Benyuan, the chairman of Fortune, said: “Last year was our best on record in terms of volume sales, profit and strategic progress, despite the economic uncertainties that affected many other industries. Our operating performance and strong financial position now leave us well placed in an increasingly favourable trading environment and a growing economy.”

The appointment of Tee Kiam Poon as chief executive comes at the same time as a decision by deputy chief executive John Pexton, to retire from the board at the forthcoming AGM. Executive directors Gong Min, Tian Jun and Ye Qing are also going to step down. Elsewhere, financial controller Paul Kwong is set to succeed Stanley Chau as group financial controller.

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