On December 7, the fifth meeting of the third term Board of Directors of the Comapmu was held in Xiamen City. Chairman Zhang Xiguo chaired the meeting, and the directors, supervisors and OOP of the Company attended the meeting.

At the meeting, FREP business performance of Jan. to Oct., 2023 and 2023 outlook, the progress of the Safety Culture Improvement Plan, development planning, Business Plan (2024-2027), capital projects, important contracts & strategies, financial update, and People Management Plan of 2024 have been reported, with relevant items reviewed and approved.

The directors at the meeting highly recognized the efforts and achievements made by the OOP and the management of the Company. In 2023, the Company has actively responded to the complex and ever-changing international situations and the difficult domestic market featuring oversupply, has overcame the challenges at the end of the running cycle, and has delivered outstanding results in the aspects of production safety, stable operation, energy efficiency optimization, margin improvement, market expansion, and capital management. The Board highly commented the outstanding performance of the Company in achieving the best Energy Intensity Index (EII) ever recorded and successfully fighting against Typhoon Dusuri, and thanked the management and the employees of the Company for their great efforts.

Looking into the future, especially the turnaround pressure in both profits and maintenance in 2024, it was required at the meeting that the Company should make more efforts on HSE management, with key focus placed on standardizing field management, identifying risks, managing field safety of the operation links, and improving the effectiveness of system operation. More efforts should be made to strengthen intrinsic safety management, with great importance placed to operation monitoring of the units and corrosion management of critical areas at the end of the running cycle, so as to ensure safe and stable operation. It was expected that the Company should enhance delicacy management, especially key indicators monitoring and optimization for better results of operation optimization. Commitment should be made to turnaround preparations, with systematic coordination of human resources, schemes and materials, so as to ensure smooth implementation of the turnaround. Efforts should also be made on advancing development planning, promoting project study and the mid-term/ long-term development planning, and continuously improving competitiveness of the Company. (Yu Wei)