April 10^th, FREP board of directors held BOD’s 14^th session on the 15^th floor of Quanzhou new office building. FREP vice chairman Paul A. Theys chaired the morning meeting and FREP chairman Lu Dong hosted the afternoon meeting, with meeting participants including FREP directors, supervisors, office of the president, operation general manager, the project general manager and representatives of all shareholders. Principals of FREP Finance Department, Technical & Planning Department and Mechanical Department also attended the meeting as non-voting delegates.

The meeting listened to FREP management reports on 2012 business review and 2013 progressing status, 2013 new capital projects, financial and delegation of authority guide issues, ethylene oxide sales & marketing strategies and ethylene debottleneck project progress. In addition, the meeting also reviewed and approved extension of temporary authority for associated transactions, extension of bank guarantees, application for obsolescence of inventories, increase of budgets for capital investment and the audited 2012 annual financial report.  

At the meeting, directors adequately acknowledged fruitful achievements scored by FREP management since 2012, especially the progress made by FREP in positively coping with severe external market challenges, properly making internal improvement, improving HSE performance. Directors participating the meeting required that FREP management should keep on paying close attention to such major concerns as safety, reliability and gross profit, further improve the energy efficiency and upgrade benefits and focus on pushing forward various activities of ethylene debottleneck project in combination with the situations and tasks this year, thusly ensuring project completion on schedule in a safe manner. 

President Lu Dong expressed on behalf of FREP management at the meeting that improvement of benefits and accomplishment of revamping and startup in a safe and efficient manner are FREP key targets this year and that FREP management is confident to lead all staffs and employees to hit and complete all targets and assignments in a all-around way through great efforts and further improve FREP competitiveness under great support from all shareholders and the board of directors.

Mr. Abdulaziz Al-Judaimi, chairman of FREP BOD audit committee also chaired the 15^th session of audit committee on the afternoon of April 9^th for auditing of relevant issues.