On May 4, the kickoff meeting for 2016 shareholders’ joint audit was solemnly held in Quangang office building. Leaders of each shareholder party, all members of the shareholder audit team and Vice Presidents Nouraddin A. Yousuf and Parut Chatikavanij were present at the meeting, and over 40 people, including leaders of each functional department, managers of relevant business groups, etc., attended the meeting.

The audit is the 4^th shareholder joint audit since the establishment of the JV, and is organized under the lead by Saudi Aramco and participated by 18 auditors from the shareholders. The scope of audit includes the economic activities and operation management conditions from January 2014 to December 2015, and the audit time is from May 4, 2016 to June 1, 2016.

The meeting was hosted by Ms. Liu Cuixia, the Chief Auditor of FREP. Mr. Obaid Alkurashi, leader of the audit team and the Aramco Asia Chief Auditor, expressed appreciation for the great support provided by the FREP management during the pre-audit investigation, and the internal audit representatives of Exxon Mobil and Sinopec also proposed expectations for the audit.

The In-charge Auditor, Mr. Amro Shawli, introduced the scope, key areas, grouping and other aspect of the audit in detail, and answered the questions of the management regarding cooperation, communication, feedback, etc. during the audit. As for the communication of audit working papers, the Chief Auditor, Ms. Liu Cuixia, also said that the general manager of each unit should, before confirming the audit work papers, carefully analyze if the audit observations are true and the audit recommendations are practical.

In the end, Vice President, Mr. Nouraddin A. Yousuf, gave a speech at the meeting on behalf of the Chairman, Mr. Gu Yuefeng. First, he presented hearty welcome and appreciation for leaders and experts of the shareholder audit team for coming to the company to carry out the audit. He also emphasized that the shareholder audit is a comprehensive examination over the company and a good opportunity for the company to learn and improve. He wished each department of the company to sufficiently realize the significance of the audit, and required each department to assign an audit contact person, implement instructions faithfully, well cooperate with the audit team and provide materials in a timely, accurate and complete manner, consult experts of the audit team with an open mind, implement each of the audit comments on problems identified during the audit, rectify in time, and continuously improve and complete the internal management mechanism of the company, so as to further improve the company’s profitability, maximize the return to shareholders, and strive to build the company into a world class petrochemical company with sustainable competitiveness. (Xu Juan)