Core Value System of Enterprise Culture of FREP

Ⅰ. Mission

Create Values • Satisfy Customers • Benefit Employees • Maximize Shareholders Value • Contribute to Society

It is the fundamental significance and value embodiment for the survival and development of FREP.

【Paraphrase】

Create Values: we attach great importance to the reasonable proportion of ROC, capital cost, economic growth rate and sustainable growth rate, and supply quality, clean and economical petrochemical products to realize the value of enterprise by improving the material and cultural life of the people and promoting the development of society.
Satisfy Customers: in the long term we consistently meet the ever-changing demands of customers for products, ensure equipment of innovative spirit, stabilize and enhance product quality and standard, respond to requirements of customers, continuously optimize product slate, provide competitive price and high quality product and service, and become the supplier of first choice for our customers.
Benefit Employees: we are committed to building a good work environment, promote diversified and sincere communication/mutual trust/fair treatment between the company and employees and among employees, develop the company as a platform for employee growth to realize the value of employees and continually improve their work and life quality as well as happiness index.
Maximize Shareholders Value: we conduct production operation with high responsibility, being devoted to maintain and increase the value of asset, ensure maximum return to investment by shareholders, ensure maximization of profit and promote sustainable development of the company through intensified management to improve work quality and operation performance, continuously strengthen capability of market exploration and operation management.
Contribute to Society: we will keep the highest code of ethics, abide by all the applicable laws and regulations, respect local culture and national culture, roll out and reinforce HSE concept, boldly shoulder the responsibility to drive economic and social development, pay attention to charitable and public service, become an excellent enterprise conductive to society and contribute to development of local and social economy.

Ⅱ. Company Vision

To be a world-class petrochemical company with sustainable competitiveness

It is the description and sketch of the dreams, inspirations and blueprint which FREP struggles for.

【Paraphrase】

We leverage INTEGRATED development and strong resources of the company to continuously enlarge shares in domestic and international markets, maintain high flexibility in order to adapt to the ever-changing environment and strive to maintain the leading position in associated business areas.
We create a unique development strategy or operation model, adopt advanced technology/ equipment and scientific management approach, retain highly vocational and professional workforce, and hence lead the industry in aspects of production scale and operation revenue of major business, with strong image of brands as well.
We continuously identify and explore core business, develop first-rate enterprise culture and operation management manner consistent with the national circumstances, make efforts to achieve world-class business performance, proactively fulfill social responsibility, get respect in society at all aspects, and become a world-class petrochemical company with sustainable competitiveness.

Ⅲ. Development Policy

Market oriented, profit focused, taking innovation as the mean, persist on following the best practices of HSE management and continuing to improve competitiveness

It is the basic strategy and main train of thoughts adhered by FREP for long development.

【Paraphrase】

Market-oriented: we always follow closely the transient changes of market condition to catch market opportunities and meet customers’ demand, and we also attach importance to competitors, conduct technical innovation on premises of safety, further explore market, take advantage of scientific marketing to make consumers aware of our products, and furthermore accept and get fond of our products, based on which to lead the market.
Profit focused: the purpose of enterprise operation is better profit. We adopt advanced science and technology, drive forward optimization of management, focus on market and delicacy management, improve reliability of units, and exploit the advantage of refining and chemical integration to strive for higher profit and maximum benefit.
Taking innovation as the mean: we take innovation as the driver, bravely make breakthrough, proactive promote innovation of management and system, continuously improve the level of management and optimize system & mechanism, develop a technical innovation system taking the enterprise as the main body with market orientation and the combination of production, study and research; enhance capability of product and process innovation, and endeavor to have all products in the first tier.
Following the best practices of HSE management: in the aspect of production safety management, we continuously improve safety performance, rigorously comply with national laws and regulations as well as requirements of ethical standards, closely follow safety behavior and unsafe status of equipments, ensure operation safety of process equipments, guarantee workers are free from health damage, strictly enforce business control, control emission and ensure the emission is up to environmental standards.
Continuing to improve competitiveness: we optimize crude slate and product structure to make full use of the integrated facility, continuously improve management, process technology, talent development, HSE performance, market share and brand image in all the fields involved, ensure competitive edge and profitability of the company in the industry so as to embody overall competitiveness of the enterprise.

Ⅳ. Core Value

Open and Inclusive• Integrity and Responsible• Safe and Environmental Protection • Professional and Devoted

It is the fundamental belief and judgment of FREP and the criteria for employees to make judgment

【Paraphrase】

Open and Inclusive: we should have the heart of modesty and tolerance, insist to emancipate the mind and advance with the times, lead the company revolution with global viewpoint and mindset, explore the field of development and enhance the level of development; we have the awareness and mind state of teamwork and cooperation for win-win, we mutually understand and support each other, allow and tolerate reasonable errors in innovation, and proactively create organization atmosphere in harmony.
Integrity and Responsible: we will strictly abide by the highest ethical standard and business code in the commercial operation, sincerely treat our employees, customers, suppliers, competitors and other third parties, also encourage employees to sincerely communicate, trust and treat each other friendly, be honest and keep promises. We are devoted to being an enterprise responsible for society, communities, shareholders, customers, suppliers and employees. Every employee shall carefully fulfill his/ her duty within the authorized scope and per requirements of the team objectives, be bold to take accountability and take initiative in work, and continually drive the continuous improvement of all the business performance indicators for the company.
Safe and Environmental Protection: we put top priority to safety and environmental protection, proactively advocate the concept that All Incidents Are Preventable, require all the work to be conducted on the premise that safety of employees, work participators, customers and the public is protected, prevent safety/ environmental incidents, work-related injuries or occupational diseases through engagement of each employee and ensure production safety. The company also attaches great importance to continuity of HSE management, continually devote to identification and elimination of various hazards and devote to the first class HSE performance of Zero Incident, Zero Injury and Zero Pollution.
Professional and Devoted: profession is a set of systematic and normative industrial work standard system that can be widely applied. We should guarantee work in the right track to the extreme; minimize errors and possibility of failure so as to strive towards success at high speed without detours. Devotion is a high level work attitude, including respect for job and esteem of job. We shall respect and love the job, be highly responsible, pay adequate respect and importance to work, and contribute thoughts and energy as needed.

Ⅴ. Enterprise Spirit

Teamwork • Pursuit of Excellence

It is the community sprit of FREP based on common believes and values.

【Paraphrase】

Teamwork: as a Sino-foreign joint venture with different cultures, we not only focus on improvement of individual competency and performance but also development of teamwork spirit. We adopt a brand new model of team management which requires teamwork everywhere to maximize utilization of existing resources. All the business achievements of the company attribute to teamwork.
Pursuit of Excellence: in front of big events, difficulties and troubles, all the departments and every employee shall have the courage to take accountability, face difficulties and take actions.  Innovation is a capability required for international operation of the company. We shall set up the innovative awareness to be pioneering, dare to break away from convention, think out of the box and create excellent performance.

Ⅵ. Operation Principle

Regulatory Compliance • People Oriented • Customer First • Win-Win Cooperation

It is the basis on which FREP Management pursue enterprise performance. 

【Paraphrase】

Regulatory Compliance: we insist on enterprise management and operation with legal compliance, equipped with a strong capability to prevent and control risk. Pay attention to scientific decision making, system and procedure construction, HSE management and contract management. Effectively organize and strictly supervise implementation of major decisions with severe accountability process for improvement of value, for the purpose of duty performance with legal compliance.
People Oriented: it is our important competitive edge to have an excellent workforce. In order to create and maintain such edge, we attach importance to stable and sound development of talent ladders, make efforts to recruit and retain the most competent employees, greatly improve their chance of success and index of happiness by providing careful cultivation, platform and care.
Customer First: we cherish every chance of cooperation granted by customers. We provide quality and competitive products or service to customers via sincere fulfillment of agreement and delicacy management to meet customers’ needs, obtain customers’ trust, win more commercial opportunities and build our brand image of high quality.
Win-win Cooperation: whenever conducting a transaction or undertaking a task together with our partner(s), we always help with each other for mutual benefit and complementarity to realize common interest and ensure sustainable development of the company.

Ⅶ. Management Principle

Delicacy and Lean • Regulatory and Efficient • Fair and Just

FREP conceptualizes management principle to ensure consistence of procedures and enterprise’s value orientation. 

【Paraphrase】

Delicacy and Lean: we consolidate fundamental management, optimize management process, strengthen fulfillment of responsibility, drive forward whole-process closed-loop management, make full use of modern information technology and advanced management means, drive forward effective allocation of resources, improve the level of modernized management, realize delicacy management and control of the company in all rounds and improve effectiveness of overall management.
Regulatory and Efficient: we adopt the principle of practicability and conciseness to regulate management behavior, utilize rigorous and constant regulations as well as effective and standard work processes to improve the effectiveness of production operation, pay attention to service awareness and the whole workforce follows procedures and work processes to proactively improve work efficiency and create values to better achieve the objective of profit improvement.
Fair and Just: we respect every employee, set up a fair system of recognition and penalty, establish a scientific performance assessment system, develop qualified assessors, and maintain openness during implementation so as to provide a good work environment and fair development opportunities for all employees, so that everyone can play to their strengths and work pleasantly.