Fujian Refining &Petrochemical Company Limited (FREP)is a large-scale petrochemical enterprise jointly invested by Fujian Petrochemical Company Limited (FPCL,jointly invested by SINOPEC and Fujian Government)，ExxonMobil China Petroleum &Petrochemical Company Limited (EMCP&P) and Saudi Aramco Asia Company Limited(SAAC) with a total investment of approximately RMB 40 billion in a proportion of50%:25%:25%respectively, aiming to build and operate a set of world-class high-techintegrated petrochemical units. FREP is located at the South Coast of Meizhou Bay inQuangang District, Quanzhou City,Fujian Province, southeast coastal area of China, with acovered area of about 530 hectares，enjoying convenient traffic and superior geographiclocation. FREP’s in-house dedicated crude oil and oil product terminals are located at the deep and open waterswith a total designed throughput of 18 million tons per year.

Since its establishment, FREP has endeavored to continuously boost sustainable development. In November2009，Fujian Integrated Refining & Ethylene Project - the first highly integrated Sino-foreign petrochemical joint venture project with the largest investment in single planning inChina - was put into commercial operation, which increased FREP's refining capacity from4MTA (80K bbl/day) to 12MTA (240K bbl/day). The newly built series of large-scalechemical units, such as Steam Cracker, Polyethylene, Polypropylene and Aromatics were putinto operation smoothly and simultaneously. At the end of 2013 when FREP may have completed steamcracking debottleneck revamp, the SC capacity will be able to reach 1.1 MTA, and the refining capacity canbe increased to 14 MTA (280K bbl/day) through further boosting upgrading of oil product quality and optimization of theproduct mix.