Final settlement audit of SC debottlenecking project completion is conducted by Guangzhou Branch of Sinopec Audit Bureau. The opening meeting was held at the meeting room on fourth floor of FREP Quangang office building on the morning of June 22. More than 40 participants were present at the meeting, including all members of the audit team, FREP office of the president, the project general manager, in-charge persons of FREP related departments. The meeting was presided by Mr. Wang Guorong, the division director from Guangzhou Branch of Sinopec Audit Bureau and the deputy leader of the audit team.

The audit objective is to verify and assess the normalization of investment / construction management procedures and authenticity and efficiency of final settlement of FREP Steam Cracker Debottlenecking Project, and the audit scope is from the project identification in 2012 to the successful commissioning and official production in August 2015. The audit fieldwork period ranges from June 22, 2016 to July 26, 2016.

Mr. Li Yuhui, deputy director of SINOPEC Audit Bureau and also the leader of present audit team made pre-audit mobilization remarks at the meeting. In addition, he raised expectations and requirements to the joint venture and the audit team, respectively: the enterprise was expected to have adequate understanding of the audit and appropriately coordinate in the audit; the audit group should carry out the auditing strictly in a scientific and clean way in accordance with laws and regulations. He said he was fully convinced that, led by the OOP of the joint venture, the SC debottlenecking project completion audit will be sure to achieve complete success and he also wished that the joint venture will gain more benefit and score more brilliant performance in the future.

Mr. Hu Hongye, project general manager gave a report on the SC debottlenecking and associated facilities construction projects from the perspective of project overviews, project management, project acceptance and etc.

Mr. Gu Yuefeng, Chairman of the board of directors and president of FREP expressed cordial welcome and sincere thanks to the audit team for completion acceptance audit of the SC debottlenecking project on behalf of FREP. He also required that firstly Internal Auditing and departments related to SC debottlenecking project should assign relevant contact persons to proactively coordinate, timely, accurately and completely provide information and data in accordance with the audit team’s requirements, thusly creating favorable conditions for smooth progressing of the auditing; secondly all departments concerned should earnestly accept supervision and verification and avail ourselves of this opportunity to consult and learn from the experts of the audit team their best practices and experience, so as to help self-improvement and upgrading; thirdly we should follow up, implement the audit issues found and recommendations proposed by the audit experts one by one and organize rectifications in a timely manner, in order to improve project management and construction level of FREP. (By Xu Juan)