Today is the 15^th anniversary of FREP since it started commercial operation as a joint venture on June 12, 2007. On behalf of the Company’s management, I wish to extend my respect and best wishes to the employees and their families for their hard work, and sincere gratitude and greetings to the shareholders, government authorities at all levels, all sectors of society and all the customers for their years of care and support to FREP’s development and growth.

The past 15 years has witnessed the founding, development and growth of FREP. With joint efforts, FREP has now evolved into a large scale petrochemical company integrating Refining, Olefins and Aromatics chains, and has processed 140 million tons of crude, produced 13 million tons of ethylene, and created a production value of 721 billion RMB and more than 120 billion profit and tax, which has contributed to local economy and social development. The 15 years also witnessed the Company’s assets increase from 8.26 billion RMB to 30.93 billion RMB. Being open and inclusive, FREP has developed its own management system and running of business based on the advanced management concepts and best practices of the shareholders, and has been forging ahead toward the vision of being a world-class petrochemical company with sustainable competitiveness.

In the past 15 years, we benefited from China’s reform and opening-up policy, care and support from all the shareholders, and strong leadership of the board, Party committee and all the management of the Company. Success comes to those who share in one purpose. We appreciate the trust and support from the governments and Party organizations at all levels and all sectors of society which have built the bridge for deep cooperation. We are grateful to the suppliers/ contractors/ customers who have been standing together with FREP through thick and thin, and share the weal and woe on the journey toward our vision. We are thankful to the relentless efforts and hard work of all the employees. We are committed to guard their expectations and our “FREP home” when striving for higher profitability and value creation of the Company.    

15 years is a short moment in the history, but has been long enough for FREP to pave the way for sustainable development. We are deeply grateful to the management of each term and both the experienced and new employees who have fought to the best for the next term. The warmth and the strength of solidarity always inspire FREP people regardless of where they are.

The world today is undergoing major changes unseen in a century. The grinding pandemic and the volatile international situation put a rare opportunity in front of FREP, but also risks and challenges. We are at a critical time when we can build on past progress for a brilliant future but we must accelerate development with initiatives to respond to rapid changes. We need to prioritize production safety when chasing for high quality development, and implement a strong safety culture with stronger awareness of the red line that cannot be crossed and production safety as a premise for all other works. We need to firmly guard against any major production safety incident, and protect our beautiful home of FREP together. We will focus on quality and profitability improvement, take market-oriented actions, work on base optimization and development planning, and optimize to maximize profits through exploring market opportunities, sales growth and cost reduction. We will work harder on the basics of enterprise management, benchmark with world-leading enterprises, drive scientific management in detail and prevent operational risks. We will put more strength on team building, further expedite talents training for management/ technical/ craftsman skills, and build a dedicated workforce with clear organizational structure and comprehensive skills. 

Looking forward to the future, we are setting out for a new journey. Shouldering responsibility of the Company’s development in the new era, as well as the expectations of the shareholders and the employees, we must build on our current momentum, make further efforts and keep fighting. With you and me, let us work together for a better future of FREP!

Together for a brighter future!

 

Thanks!

 

Saleh Yahya Al Zaid, President, FREP

 

                         June 12, 2022