In February 2012, Sinopec circulated a notice about the imported crude oil purchase task performance of its subsidiaries, branch companies, and joint venture companies it injected in. with the good performance, FREP won the “Bronze Medal for Crude Oil Purchase” and “Honorable Mention in Enterprise Pilot Appraisal Index Performance”.

In 2011, advocated by the management of the company, the trans-department cooperation concept was further carried out, and the structure adjustment, processing amount arrangement, and inventory control of the crude oil was effectively optimized. Taking crude oil structural adjustment as an example, this measure saved the cost in crude oil purchase for about $14.4 million in 2011 on the premise of keeping the crude oil quality unchanged.

In 2012, the Supply & Distribution Department and Technical & Planning Department will keep closely following the market, carefully analyze the price difference in various crude oil price premiums, and further optimize the crude oil purchase based on the principle of maximizing the comprehensive benefits, and made our due contributions for the long-term and stable development of the company.