In the afternoon of March 26, the company held the 1Q profitability promotion meeting in order to further carry out the action of "100-Day Challenges", implement the annual deployments of the company, and drive the smooth implementation of key initiatives for improving quality and profitability. OOP of the company attended the meeting.

At the meeting, Sinopec's action spirit of the "100-Day Challenges" was publicized, and the work for improving quality and profit in the 2Q was deployed: first, develop the action plan for the "100-Day Challenges", set up 4 cross-functional action teams, namely, market exploration, optimization and adjustment, potential tapping and cost reduction, and production safety, actively coordinate and implement relevant measures, and report the work progress at the 2Q profitability promotion meeting; second, fully study and judge the market situation and international crude oil trend, and provide a more realistic price forecast for production planning; third, establish a rapid response mechanism in the whole process of "purchase-production-sale", quickly adjust the production and purchase plan in case of great fluctuations in raw materials or crude oil prices and product market, and great deviations between the predicted prices and the actual prices, so as to maximize the profit of the company; fourth, strictly control annual maintenance cost, and take measures to reduce the existing overstock and incremental inventory; fifth, actively explore the market and promote product sales; sixth, make full efforts in implementing the cost reduction action list, strictly manage all kinds of cost, and set a mindset of “going through hard days” for a long term in the whole company.

At the meeting, it was required that all departments and business teams of the company should further mobilize all employees to adhere to the targets, build confidence and work hard with extraordinary determination, measures and strength, to resolutely win the "double victories" of pandemic prevention and control, and production and operation to ensure that the company can turn the losses to profits in the 1H of this year and contribute to the annual targets and tasks.

At the meeting, the responsible people of Process Department, Supply & Distribution Department, Finance Department etc reported the progress in the 1Q in 7 aspects, including capacity utilization and efficient operation, equipment reliability and efficient maintenance, margin improvement, exploration of domestic diesel/ jet fuel/ asphalt market, raw material cost reduction, cost reduction and efficient implementation of PI action plan, analyzed the existing problems and gaps, and put forward improvement measures. (Lan Xiaolin  Xiao Wanyuan)