On September 23, Senior Vice President John from ExxonMobil Chemical Company paid a visit to FREP, accompanied by Mr. Scott Sullivan and Mr. Richard Chu, President and Senior Vice President of ExxonMobil China Petrochemical Company Limited. FREP Chairman and President Gu Yuefeng met with the visitors and the two sides had a talk in a cordial and friendly atmosphere.

On behalf of FREP Office of President, President Gu Yuefeng extended welcome to John on his second visit to FREP. He said that in accordance with BOD decisions and arrangements the company had continuously improved safety performance, rolled out OIMS system, strictly abode by PRC laws and regulations, attached great importance to safety at all levels throughout the company with a focus on safety act and unsafe dynamics of equipments and so on. In the respect of production operation, crude inventory strategy was adjusted and chemical capacity was increased, bringing benefits to the company. In the meantime, the market was further developed and product distribution was significantly improved. Sales of jet fuel and asphalt made a great progress this year, and the next step is to carry forward optimization of management, enhance reliability of facilities, reduce inventory of spares and parts, and take advantage of refining and chemical integration. With a large scale, FREP has lots of opportunities and areas for optimization between refining and chemical business. Of course, safety is more important, including communication with the community to build harmonious community relationships.

President Gu Yuefeng pointed out that the joint venture was presently up against a tough situation with pretty fierce competition from ever enlarging local petrochemical companies for the small market in Fujian. FREP has to improve product quality and standard, grab market shares and provide convenient and quality service, and so on. The company Office of President has confidence to work with the management to focus on production operation and work hard to capture business opportunities, optimize product configuration, strive for more benefits, return to all shareholders with maximized business results and look forward to great support and assistance from the shareholders.

John said he was very glad to see the huge changes in FREP six years after his first visit to FREP in 2009. He fully affirmed the good business results that the joint venture had achieved this year and he appreciated the unremitting efforts made by the Office of President. He shared President Gu’s statements about FREP key focus areas and work priorities. Safety is primary and FREP has significantly improved its safety performance. OIMS system has been established and rolled out and the employees have continuously demonstrated good safety behaviors. FREP should keep up with all these good trends. At the same time, it is crucial to improve product quality. And the improvement of FREP financial status is very exciting and inspiring. John expected FREP to pay constant attention to safety, reliability and good financial condition. And he was looking forward to further strengthened cooperation of all the shareholders to promote continuous improvement of FREP business performance, profits, and so on.

GM of Finance Department Joe Francis and DGM of Marketing & Sales Department Ken Lin were present at the meeting. (XiaoWanyuan)