Mr. Al-Ali, CFO of Saudi Aramco, accompanied by Mr. Hassan Ghamdi, CFO of Saudi Aramco Far East Business Service Co., Ltd, visited FREP on the afternoon of Mar. 19^th. FREP President Mr. Lu Dong and Vice President Mr. Nouraddin Yousuf graciously received the delegation led by Mr. Al-Ali in Reception Room of Quanzhou Office Building where the hosts and guests exchanged comments on topics of common concern.

First of all, President Mr. Lu Dong extended welcome to, on behalf of FREP OOP, Mr. Al-Ali to visit FREP again and gratitude to Mr. Al-Ali for his great support and help to the joint venture when he was FREP Board Member and Chairman of the Audit Committee, when he also witnessed the construction and development of FREP. Mr. Lu Dong briefed on the overview of production and operation, SCDP and 2013 turnaround/revamp.

President Mr. Lu Dong said that we, in accordance with the policy and deployment made at the Board Meeting, continuously improve HSE performance, roll out OIMS system, focus on Five KFAs, bring in Solomon and Townsend Benchmarks and improve technical indices. He pointed out that FREP faced great economic difficulties and high pressure as affected by the market environment and defined Y2014 as “management reform and benefit improvement” year. OOP and the whole staff united together, transformed pressure into driving force, leveraged the scale advantage of the plant after expansion/modification, further optimized product slate, strengthened control over energy and cost, strived to boost economic benefit, paid back shareholders by maximum return and expected for great support and held from shareholders. 

Mr. Al-Ali expressed his pleasure to visit FREP again and fully recognized the achievements made by the joint venture. He pointed out that FREP safety performance was improved remarkably and the development and roll-out of OIMS demonstrated the mature safety management system of FREP. Benchmarking helped to understand the best level of the industry and our gap, hence it’s a strong and healthy approach to developing FREP into a leading-edge integrated refining and petrochemical company in Asia.

Mr. Al-Ali held the point that the difficulties we are faced up with will be temporary, hoped we would tide them over shortly and had confidence in the prospect. He hoped FREP would leverage the scale advantage as an integrated refining and petrochemical company and tap potentials in margin, operating expenses, reliability, etc. to continuously improve the performance and economics of the Company; he also expected shareholders to further enhance cooperation and promoted the joint venture to stride towards a higher goal.

Accompanied by President Mr. Lu Dong and Vice President Mr. Nouraddin Yousuf, the delegation led by Mr. Al-Ali also visited the Exhibition Hall on the ninth floor to see the scaled model of the Company’s operation units in high spirit.