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Ten-year’s Development and Achievements - FREP held a forum in celebration of the 10th anniversary of the Company


On March 23rd, FREP held the 10th anniversary forum in the conference hall at 3/F, Quanzhou Office Building for celebrating FREP 10th anniversary, where FREP directors, supervisors, shareholder representatives, the Office of President, management and employee representatives got together to celebrate the 10th anniversary of FREP in the form of forum.

Ten years ago on March 30th, 2007, Fujian Refining & Petrochemical Company Limited (“FREP”) jointly invested by Sinopec, Fujian Province, ExxonMobil and Saudi Aramco was announced establishment in Beijing Great Hall of the People. As of today, ten years since the JV formation, FREP has become a large-scale refining, ethylene and aromatics integrated manufacturing company.

Sinopec, FJPEC, ExxonMobil and Saudi Aramco send congratulatory letters to FREP. Mr. Gu Yuefeng, FREP Chairman and President made speech. FREP Vice President Mr. Nouraddin A. Yousuf chaired the forum.

At the beginning of the forum, all attendees watched in high sprit a documentary film recording FREP’s ten-year development, and felt proud of the good achievements of FREP in the past ten years.

Mr. Gu Yuefeng, on behalf of FREP’s Board of Directors and the Office of President, expressed heartfelt gratefulness to all attendees, all shareholders for their long time trust and support to FREP, and the directors, supervisors, secondees, employees and their families for their outstanding contribution to the construction and development of the Company. He said, from March 30, 2007 to March 30, 2017, FREP is approaching firmly to the 10th anniversary in the extraordinary journey. FREP has made remarkable achievements adhering to indomitable spirit and unbending willpower in walking through the 10 years journey that witnessed the formation, growth, development and improvement of the Company.

In the past 10 years, FREP has made outstanding contribution to the development of local economy. From JV formation in June 2007 to end-February 2017, the Company cumulatively processed crude oil of 86.34 million tons, produced ethylene of 6.85 million tons, created production value of about RMB 460 billion, and achieved profits and tax more than RMB 65 billion.

In the past 10 years, FREP has provided a good platform for the sincere cooperation among shareholders. As the fruit of good cooperation among the four strong shareholders respectively from China, USA and Saudi Arabia, the Company has been adhering to the mission of creating value for shareholders, successfully completed the targets/ tasks including strategic cooperation of shareholders, investment and construction of the Fujian Refining and Ethylene Integrated Project, with continuous improvement in competitiveness and influence of the Company.

For these ten years, FREP has gone through a connotative development path. When Fujian Refinery & Ethylene Complex Project was put into commercial operation, FREP ensured it production safely, long-term, full-load and in high-quality level, while proactively extended its business towards the depth and width of product processing, as the result, its crude oil processing capacity has been increased to now 14MTA from 4MTA when it was just established, its ethylene production capacity also has been upgraded to 1.1MTA, thus FREP has been developed as a large-scale complex integrated with refinery, ethylene and aromatic hydrocarbon production.

In the past 10 years, FREP has forged the path ahead in connotative development model. After the commercial operation of Fujian Refining & Ethylene Integrated Project in the second half of 2009, as ensuring safe, stable, optimized and long time operation of the facilities, the Company took initiatives in deepening and exploring production. By increasing the crude oil processing capacity from 4MTA to 14MTA, with ethylene output of 1.1MTA, the Company has become a large scale manufacturing enterprise with integrated refining, ethylene and aromatics complex.

In the past 10 years, FREP has groping a management model and operation system fit for the Company characteristics. The formation of Joint Venture is not only an introduction of resources, funds, technologies and management, but more important the new concept, new model and new culture. In the 10 years, the Company established the vision of to be a World-class Petrochemical Company with Sustainable Competitive, learning from the advanced management concepts and best practices of each shareholder with an open and inclusive attitude, and established a unique management model and operation mechanism consisting with the characters and management requirements of the Company.

In the past 10 years, FREP has fostered a high quality employee group with excellent working style. For all the great achievements of this Company, the glory should goes to the hard work of the organization. They are operators in the processing units, managerial and technical personnel, as well as the successive secondees. In the 10 years, the company staffing has reduced from original 2033 persons to 1927 persons of today. An enterprise spirit of working cooperatively and perusing excellence has been fostered and thusly encouraged employees to work with self-motivation and dedication, realized sustainable development of the Company.

In the past 10 years, FREP has achieved fruitful results in spiritual civilization while enhancing economic development. The Party Committee and Labor Union, adhering to the concept of focusing on central work and serving general interest, accurately defining roles & responsibilities, innovating the thinking and approach of work according to the characters of Joint Venture, gradually developed a party construction working system and operation mechanism with sino-foreign joint venture characteristics, and demonstrated the positive role and vitality of party construction work in the Joint Venture.

Looking back the eventful and fruitful 10 years, we are filled with memories. We will carry on and deepen the vision and development strategy of to be a World-class Petrochemical Company with Sustainable Competitive, to further improve, optimize and develop the Company. We will place more focus on basics of enterprise management, benchmark with the first quartile international enterprises, made great efforts in pushing forward fine management, control operation risks comprehensively, and forge ahead the best performance of the industry.

Mr. Chen Xiaobo, the Company Party Secretary recalled his memory back to his experience in the construction and development of the joint venture. He said, in the past ten years, we worked hard for both production, operation and project construction. After the commercial operation of the integrated project, we moved forward on the construction of SCDB Project. In recent two years, the Office of President achieved remarkable achievements in seizing market opportunities, increasing profit and covering the cumulative loss. Over the past decade, all shareholders of the Company cooperated in good faith and made remarkable achievements. He hoped that all FREP employees, especially the management at each level, will keep in mind their mission, never forget their original promise, keep on moving forward and make new achievements in the journey of building a world-class petrochemical company with sustainable competitiveness.

Mr. Xu Jianping, General Manager of Fujian Petrochemical Group, also recalled the hardship and his unforgettable experience in the joint venture project preparation, negotiation, construction and operation. He said, FREP is a large scale Sino-foreign joint venture deepening China-America and China-Saudi Arabia economic and trade cooperation in petrochemical industry that jointly invested by four parties respectively from three countries including China, America and Saudi Arabia. Currently, China economy development has entered into a New Normal state where opportunities and challenges co-exist. He hoped that, FREP can continue to put the advantages in technology, management, market and resources into full play, take the 10th anniversary as a new start, to build FREP to be a leading enterprise with international advanced performance of the hundreds of billions petrochemical industrial cluster, realize harmonious development of economical and ecological environment, and make new contributions to step to a new height and build a new Fujian.

Mr. Said A. Al-Hadrami, Vice President of International Operations of Saudi Aramco said that, FREP is jointly invested by three strong partners representing China, Saudi Arabia and the United States. We partners overcame vastly differences in language and culture, brought advanced concepts, skills and management experiences to the company. We took the pioneering step of forming China’s first fully integrated refining, petrochemicals and fuels marketing venture with foreign participation, and successfully realized operation. FREP’s employees bring excellence to their work every day, and position the JV to meet China’s domestic energy demand, now and in the future. He believed that the caliber of FREP’s people will be the key to the joint venture becoming a world-class refining and petrochemical enterprise. We believe that FREP will remain a pillar of China’s energy security, and a catalyst for China’s greater prosperity, growing jobs, industries and technologies, for the next 10 years – and beyond.

Mr. Gan Seow Kee, Chairman of ExxonMobil China Petroleum & Petrochemical Co., Ltd., said that the past ten years have witnessed growth and development of FREP; today’s results have not come by easily. In the days ahead, facing reform in China’s energy structure and challenges from changes in market and in order to even better satisfy Fujian energy demands, hope FREP will continue its endeavors and achieve even better success. During this journey, we have seen the professional knowledge, technical skills and abilities of each venture partner are all critical success factors to the project.  ExxonMobil is very proud to be able to collaborate with other shareholders towards creating a brighter and better future for FREP.

Mr. Nouraddin A. Yousuf, Vice President of FREP, said that he has witness the foundation and development of FREP. Over the past ten years, the safety performances of the Joint Venture have improved tremendously, as well as significant improvement in the integrity of plant operation, and superior optimization and planning of current facilities. We forged ahead together with our sister company Senmei, as our aim is the success of the Integrated Project. At the same time, we started to engage ourselves more in the market, within China and abroad, to capture market opportunities. We are now more close to our customers, and their satisfaction is our prime objective. Nowadays the market in Fujian had changed, overcapacity is seen, that put more pressure for us to be ahead of others, with a reliable plant to produce when needed. 

Mr. Joost Emmen, Vice President of FREP, said that he felt great honor for being a member of FREP. The Company’s vision is to be a World Class Petrochemical Company with Sustainable Competitiveness, which drives everybody to forge ahead. From thousand miles apart, all shareholders came together for a common goal, overcame difficulties in language and culture, played own advantages, gave full cooperation and eventually achieved great success. At present, the market is changing rapidly, which requires us to seize market opportunities, join hands and advance together for our common goal.

Mr. Saleh Al Zaid as the representative of FREP management, and Mr. Huang Huiming as the representative of FREP employee delivered impressive speeches in the forum.

We have advanced in this 10 years endeavor regardless of hardship. We are going to create new success in the future. What FREP has experienced is an extraordinary journey. What FREP will embrace is a definite brighter future. Let’s mark the 10th anniversary as a new starting point, work together with sense of urgency and responsibility, to create a brilliant future for FREP.

 (by Xiao Wanyuan)

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