The Company Held the Second Meeting of the Third Term Board of Directors

On April 20, the company held the second meeting of the third term Board of Directors via teleconference. Liu Xiangdong, chairman of the company, chaired the meeting. Directors, supervisors, OOP, general manager of Finance Department and shareholders’ representatives attended the meeting.

At the meeting, the company management reported FREP performance of 2021 and 1Q 2022, the progress of the Safety Culture Improvement Plan, the Multi-year Profit Improvement Plan, the Master Plan, the capital projects, the items of finance and DOAG, and reviewed and approved relevant matters.

The directors at the meeting congratulated the achievements of the company in aspects of HSSE performance, safety culture improvement, turnaround/ revamp, cost saving and margin improvement in 2021 and 2022 YTD, and thanked the company management and all employees for their hard work. The directors highly recognized the outstanding leadership and teamwork of the company management and all employees demonstrated during the epidemic outbreak in March and April this year. During the outbreak, the company proactively took epidemic response measures, minimized the impact of the epidemic on production and operation, protected employees’ health and safety, and maintained stable operation of the units and reliable supply of the products.

The board commented on the challenging business environment of epidemic uncertainties, high oil prices and intensified competitions, and required the company to make continuous efforts on safe and stable operation, implement inventory control strategy, explore sales channels for oil products, increase the value of chemical products and improve the overall competitiveness of the company. In addition, the company was expected to effectively enhance market sensitivity with a rapid market response mechanism, thus to capture margin opportunities from market fluctuations and improve the overall operation performance of the refining and petrochemical integrated plant. (Yu Wei)