On May 22^nd, FREP president Mr. Joost Emmen, vice president Mr. Nouraddin A. Yousuf, vice president Mr. Lin Xu, vice president Mr. Zhao Tianxing etc. visited SSPC. SSPC president Mr. Ding Chunsheng, vice president Mr. Bader Al-Mousa and vice president Mr. Wu Ting met with FREP OOP. The both sides exchanged opinions on topics of interest.

Mr. Joost Emmen introduced the overall situation of the Company's production and operation and expressed his gratitude to SSPC for the long term strong support to FREP. He said that the two companies were upstream and downstream with good cooperation basis, should jointly establish a mechanism that can respond to the market quickly.

Mr. Joost Emmen commented that FREP would endeavor to do a good job in production, transportation and sales of products, and to serve customers with the highest quality products and considerate after-sales services. He expected that the two sides can deepen the coordination between production and sales, strengthen communication and cooperation, jointly cope with the current severe market challenges, maximize returns to shareholders and achieve win-win cooperation.

Mr. Ding Chunsheng introduced the operation and management situation of SSPC in the past three years, and expressed gratitude for FREP’s understanding and support to SSPC in view of integrated production and sales and maximization of overall interest of the two companies.

Mr. Ding Chunsheng said that the competition in the product oil market in Fujian Province was fierce. SSPC, as a sales company, shall work hand in hand with production companies to accelerate the two-way and direct transmission of market information and production conditions, solve problems in the production and sales process in a timely manner, further occupy market share and defend ourselves in the product oil market. He hoped that with the maximization of shareholders’ interest, understanding and support from shareholders would be obtained, consensus would be reached, and full cooperation would be carried out to maintain the good cooperative relationship between FREP and SSPC, thus to achieve mutual assistance/ benefit and win-win development.

The two parties reached a consensus on the product oil supply and sales cooperation of this year.

The responsible persons of FREP M&S Dept. and T&P Dept., and the responsible persons of SSPC Retail Management Center, Commercial Customer Center, and Oil Supply Dept. the meeting. (Xiao Wanyuan)