On October 19, the Company’s chairman& president Gu Yuefeng, vice presidents Nouraddin A. Yousuf and Joost Emmen and responsible persons of Marketing& Sales Department, and Technical & Planning Department visited Sinopec SenMei (Fujian) Petroleum Company. During the visit, Sinopec SenMei’s President Ding Chunsheng, Vice president Deng Darong, Vice president Bader A. Al-Mousa, Vice president Ignatius Lee and the management of relevant departments warmly welcomed FREP’s delegation.

In the discussion, both parties introduced production and operation status since this year, and the main measures adopted to deal with the current market environment. Some basic knowledge of the product oil market development for the current and future periods were discussed and shared. As reviewing the good cooperation of the two companies in previous period, a in-depth discussion and communication was conducted focusing on giving play to production and sales integration advantages to expand the sales of product oil and maximize the interests of both companies.

A consensus was reached that the two companies were funded and established by the shareholders in accordance with the principle of integrated production and marketing. With the convergence of the value orientations and basic interest, the two companies have a good basis for cooperation. Therefore, the companies should keep an open mind and follow the principle of “complementary advantages, win-win cooperation”, inherit good tradition and break new ground for the future by strengthening cooperation and mutual support to achieve mutual benefits and win-win objective. Consensus were also reached on working together to cope with the current severe market competition, expand market shares, and promote diesel sales. It was agreed to consolidate the basic strategic cooperation and further give play to the strengths of each company to achieve greater mutual benefits and win-win objective, and jointly create a new situation for cooperative development of product oil production and sales. (Office of President-Coordination Office)