SSC held the 2nd Session of the 9th Meeting for the Board of Directors to deliberate and approve 17 reports and proposals including the 2017 Annual Report of the General Manager, that of the Board of Directors and the Annual Financial Report. The meeting was moderated by Jiao Fangzheng who is vice President of Sinopec Group, member of the Party Committee of China Petrochemical Corporation and SSC Chairman. The Directors Sun Qingde, Chen Xikun, Ye Guohua, Fan Zhonghai, Jiang Bo and Pan Ying were present at the meeting. Then the 2nd Session of the 9th Meeting for the Board of Supervision was held to deliberate and approve 8 reports and proposals including the 2017 Annual Work Report of the Board of Supervision and the Annual Report. Li Wei who is Chairman of the Board of Supervision moderated the meeting and the supervisors Zou Huiping, Zhang Qin, Zhang Jianbo, Zhang Hongshan and Huang Songwei were present.
In 2017, international oil prices went up and oil companies increased upstream CAPEX. SSC seized the opportunity, made efforts to extend the market and deepen reforms, then reversed consecutive declines of revenue in the past 3 years and withstood the severe test of the continuous industrial winter. The production and operation revenues grew with recovery. SSC newly signed contracts valued 53.2 billion RMB, presenting YoY increase at 27.2% and generated revenue of 48.29 billion RMB presenting YoY increase at 13%. Also it made 5.53 billion RMB less deficits and achieved operation active net cash flow of 0.42 billion RMB.
It is a critical year for SSC to make profits and reduce losses in 2018. The company will aim at the targets, fulfill responsibilities, increase revenues, make more profits, and channel all the efforts to extend markets, strengthen the support for market extension, and increase speed as well as profits of developing all the 3 markets that are the internal market of Sinopec, external market in China and the overseas market. It will reinforce project demonstration, execution, cash returns, contract closing and project assessment; enhance risk management and improve capabilities of making profits. It will deepen reforms, reduce overcapacity production, optimize and upgrade structures, strengthen main business, and push forward the restructuring of affiliated business. It will implement innovation-driven development strategy, improve technology added to the services and the product quality to achieve capability-based development. It will strengthen corporation mechanism innovation, take advantage of multiple businesses, and properly allocate crews, personnel and equipment. It will also continue the reforms on compensation and motivation systems to improve the staff’s activities in defeating losses and making more profits.