SINOMEC Holds 2016 Work Conference Successfully

On January 30,2016, SINOMEC successfully held the 2016 work conference with the theme of “New Start and Win-Win”. Ms. Zhang Jin, Party Secretary of SINOMEC, Mr. Liu Bin,Chairman of SINOMEC, and other SINOMEC leaders, department managers and subsidiary leaders, gathered together and had a talk about the development inthe future. The conference had four agendas. Six subsidiaries, such as SinogyClean Energy Co., Ltd., Sinogy Electric Power Investment Co., Ltd., TianjinChenxin Petrochemical Engineering Co., Ltd., reviewed the work results in 2015 and exchanged the development ideas and vision planning for 2016.

Mr. Liu Bin made the Report on 2015 Work on behalf of SINOMEC. The report first highly affirmed the achievements of various departments and subsidiaries of SINOMEC in terms ofresource integration, business development, project investment andconstruction, physical operation and internal management. He also elaboratedthe significance and core points of SINOMEC’s adjustment of organizationalstructure in close combination with the macroeconomic situation at home andabroad from the perspective of the future development, and clearly definedSINOMEC’s future strategic positioning and overall development ideas. Mr. LiuBin pointed out that SINOMEC had to improve its own operational capabilities,give the first priority to project development, adhere to the basic strategy ofmarket as the leader and management as the core, and drive project developmentwith moderate investment, and would firmly grasp the national “Belt and Road”strategic opportunity, and strive to build an effective resource platform,enlarge and strengthen the business, expand the company’s scale, and provide astable cash flow and profit source for SINOMEC’s initial development. He stressedthat SINOMEC’s industry was the main body and the foundation for sustainabledevelopment. Only a strong industry could support a strong SINOMEC, and all thestaff should understand this issue from a strategic perspective. In addition tocontinuing to rely on the financing of external funds, it was necessary tobuild self-healing and the ability to roll forward. Mr. Liu Bin also mentionedthat trade and finance were an indispensable link in the development ofSINOMEC’s chain business model. In addition to bulk commodity trade, projectsupporting trade and technical service trade, a new SINOMEC model of investmentand financing should be actively created on the basis of the existing tradebusiness, to promote SINOMEC from the existing indirect financing to directfinancing by means of industrial funds, financial leasing, assetsecuritization, listing and others, create internal business synergies andimprove SINOMEC’s comprehensive competitiveness. At the same time, it wasimperative to strengthen capital operation, implement platform strategy,strengthen SINOMEC’s ecosystem, adhere to open, inclusive, cooperativedevelopment ideas, attract and integrate social capital, talents, excellentassets, quality partners, other important resources, and created a developmentphilosophy of mutual innovation, sharing, mutual responsibility and mutualbenefits. At the end of the report, Mr. Liu Bin hoped that all levels ofmanagement should fully establish the concept of overall situation and pattern,and actively proceed from the overall interests of SINOMEC, unify the mind andwork together to plan for and win the future.

The participantshad heated discussions in two groups - Industrial Trade Group and Engineering Group, and conducted brainstorming speeches on how to work better in 2016. Thepeople at the conference expressed their ideas in the two hours of groupdiscussions, actively explore cross-departmental communication, investment riskmanagement and other practical issues, and made suggestions for the futuremanagement and scientific development.

At the conference,Mr. Liu Bin, on behalf of SINOMEC, signed the responsibility contracts forproduction management in 2016 with the leaders of the 13 subsidiaries, awardedthe 2015 Board of Directors Prize to Construction Project of Mining andBeneficiation Complex of Belarus SLAVKALIY and Chongqing Longqiao Power Plant,and thanked them for their outstanding contributions to SINOMEC’s development.

At the end of theconference, Ms. Zhang Jin made the concluding speech, affirming thesignificance of the conference, and emphasizing the requirements forcoordination of funds, technology and human resources and implementation ofinnovation drive. She said that the establishment of SINOMEC’s Party Committeein 2015 was another milestone in the development of SINOMEC. It was believedthat under the leadership of the board of directors, the party committee andthe management team, SINOMEC will continue to carry forward the spirit of “self-improvementand team attack” and will certainly achieve even more outstanding achievementsin 2016.