On May 3, FREP held the 12th Meeting of the First Term BOD. The Meeting was hosted by Mr. Lu Dong, Chairman of the Board, and all of the 8 directors attended the Meeting personally. FREP’s management joint venture supervisors Mr. Han Baoling and Mr. Matthew J. Aguiar, Vice Chairmans Mr. Abdullah H. Al Sebail and Mr. Charles Brian Ablett, Operation General Manager Mr. Liu Yanchang, General Manager of Project Management Group Mr. Hu Hongye and General Manager of Finance Department Ms. Wong Lock Leng as well as relevant personnel from the shareholder’ coordination offices attended the Meeting as nonvoting delegates.

The Meeting debriefed the report on operation and the implementation progress of ethylene DBNK project from the management, affirmed the outstanding achievements and progress made by FREP since 2011, and expressed thanks to the OOP and all employees for their hard work. In addition, it required the management to deal with the challenges actively, make improvement measures, continue to focus on the five Key Focused Areas, further reduce operation costs, improve energy utilization efficiency, increase gross margin and comprehensively promote specific works such as ethylene DBNK project, preparations for 2013 turnaround, OIMS, organizational structure optimization, etc.     

The Meeting also, through voting by raising hands, reviewed and approved a series of specific matters including 2012 newly-increased capital expenditure, cracking C5 sales program, reorganization plan of business team and specific items of finance and DOAG.