On the arrival of Spring Festival, on behalf of the board of directors and office of the president, I would like to extend my best wishes to all employees and their families, and my sincere appreciation to all shareholders, government authorities, friends, contractors, and customers in all circles who care and support the construction/ development of FREP all the time.

2015 has witnessed Chinese economy entering the New Normal stage. Crude market kept on declining with the operation circumstances turning serious, with the competition getting fiercer and with mounting pressure on environment/ safety. However, under the strong support of all shareholders and correct leadership of the board of directors, FREP management and all employees rapidly changed their mindset and adjusted their thinking, in a more prudent and practical attitude, to guide work as per higher standard and take actions initiatively and effectively. In 2015, FREP continuously improved safety and environmental performance, constantly optimized production and operation, significantly increased crude/ raw materials procurement efficiency, effectively explored the market, and achieved great success in Old Plant Turnaround. With the joint efforts of all staff, FREP created the best operation performance in its history and demonstrated its contributions to guaranteeing market supply and serving local economy.

2016 is the outset of the National Thirteenth Five-Year Plan period, as well as a critical year for FREP to improve operation quality and ride the momentum for better profit. Facing challenges and difficulties including weak market demand, excess industry capacity, faster marketization process, fierce market competition and severer constraints on safety/ environment, we need to always keep clear-minded, benchmarking with advanced enterprises at home and abroad, learning from the best practices and closing our gaps, to obtain profit by doing well in terms of technological and economic indices; to stick  to green development, carrying out safety/ environmental protection work compliant with high standards and strict requirements, to obtain profit in terms of safety/ environmental protection; to keep on optimizing production/ operation, enhancing cross-functional cooperation, to obtain profit in terms of management; to keep  close eyes on the market, seizing the opportunity, adjusting the strategy, to obtain profit in terms of market; to continuously strengthen win-win cooperation with customers, suppliers and contractors, concerning for society/ community developments, performing enterprise’s political, social and economic responsibility proactively, to pay back shareholders and the society with better performance.

In the coming new year, we hope that the whole company could make joint efforts continuously, undertake the responsibilities initiatively, respond to challenges proactively, struggle for exploiting and proceeding, ride on the momentum of making profits and achieve another brilliant performance in 2016. Meanwhile, we sincerely hope to get support from all shareholders, relevant authorities at all levels, friends of the society, contractors, customers etc.. Let us join hands for a better future of FREP!

Happy New Year to everyone! Wish you good health and happy family.

FREP Chairman and President: Gu Yuefeng

January 2015