SSC Held its Q1 Seminar on Economic Activity Analysis

On 7-8 April, SSC held its first quarter seminar on economic activity analysis in Beijing. Sinopec Group Party Leadership Group Member, Vice President and SSC Chairman Jiao Fangzheng, Deputy Director General of the Financial Department of Sinopec Group Jiang Yongfu and Deputy Director General of THE Corporate Reform and Management Department of Sinopec Group Xiao Xueming were present at the seminar. It was also attended by members of SSC leadership, general counsel, secretary of the Board of Directors, heads  of SSC subsidiaries, directors of production, operation, finance and human resources, heads of departments and subsidiaries of SSC headquarters, etc.

Sinopec Shengli Petroleum Engineering Corp., Sinopec Zhongyuan Petroleum Engineering Corp. and other 11 subsidiaries made reports on their operations respectively; Chief Accountant Wang Hongchen gave an analysis on the overall production of SSC ; Vice President Zhang Jinhong and Deputy Party Secretary Wang Chunjiang made arrangements respectively on total amount of labor to be used and the production contest in 2015. The seminar called on the whole company to more actively address challenges, transform pressure into motivation and challenges into opportunities, and take concrete actions to win the fight for good returns in tough times. 

President Zhu Ping gave a summary analysis of the company’s production and operation in the first quarter. He described it as “three declines”, “three stabilities” and “four improvements” and made arrangements for the work in the next steps: first, adapt ourselves to the changing situation and focus on shifting conceptions and promoting returns; second, give equal importance to increasing revenue and cutting down expenditure and focus on a host of measures to increase returns; third, strike balance between improvement and adjustment and focus on transformation, upgrading and returns; fourth, stay committed to reform and innovation and focus on stimulating vitality and promoting returns; fifth, align institutions with execution and focus on tough management for good returns; sixth, balance pressure with encouragement and focus on building synergy for good returns. The whole company should further boost confidence, change conceptions, promote innovation, proactively identify problems, directions and measures, explore new thinkings and approaches to improve quality and returns, and strive to do a good job in reform, development and stability.

In his remarks, Chairman Jiao gave high credit to the company’s production and operation in the first quarter. He said that, during a market environment which was even tougher than previously imagined, SSC made impressive progress in exploring markets, increasing project returns and tapping potential returns. First, SSC has made further progress in market expansion, which has boosted confidence to overcome this challenging time; second, a returns-centered approach was applied to the whole production and operation process; third, the company made notable progress in structural adjustment and transformation; fourth, more progress was made in innovating management; fifth, the company’s focus on workplace safety and environmental protection ensure safe and environment-friendly production. Chairman Jiao stressed that, while impressive progress was made in a number of areas, the company should be fully aware of problems and challenges, remain cool-headed in complex and serious market environment and come up with proactive solutions. First, the company should boost confidence and win the fight for good returns in tough times, second, it should spare no efforts in market expansion; third, it should take forceful measures to increase returns of ongoing projects; fourth, it will set up compulsory indictors in order to win the fight for good returns in tough times; fifth, it will promote structural adjustment to win the fight for transformative development; sixth, it will make innovation in management and, in particular, building production and operation management systems in light of market changes; seventh, it will step up management on workplace safety and environmental protection; eight, it will pay close attention to personnel turnover, transform pressure into motivation, and make the best use of the second quarter—the golden period for project construction, thus laying a solid foundation for good operation and performance of the whole year.

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