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Chairman Ye Delivers Important Speech at the Third Session of the Fifth Board Meeting

CEFC China  

CEFC China held the third session of the fifth Board meeting in Shanghai on April 14. Chairman Ye attended the meeting and delivered an important speech on implementing the Third Five-Year Plan of CEFC China.

Third Five-Year Plan and New Business Mapping:

At the meeting, Chairman Ye said that 2011 was the last year of CEFC China’s Second Five-Year Plan in which gratifying achievements were made by joint efforts. According to preliminary statistics, CEFC China recorded a turnover of nearly 40 billion Yuan in 2011 with total taxes of nearly 6.5 billion yuan.

Chairman Ye pointed out that CEFC China was expanding its trade to develop itself into a global trader. “We aim at becoming a service-oriented corporation focusing our main business on the downstream. Meanwhile, we strive to expand energy interests overseas by optimizing our advantages and making strategic cooperation with partners at the upstream,” said Chairman Ye.

The Third Five-Year Plan will start from the beginning of this year. According to the new trading plan, the major goal of domestic trading this year is to surpass 100 billion yuan. Following the updated business mapping, priority is given to develop oil reserves in Hainan as well as coal chemical industry and natural gas industry in Xinjiang.

Establishing the Authority of CEFC China’s Core Culture

Chairman Ye stressed that establishing and maintaining the authority of the company’s core culture was of vital importance. The objective of establishing the authority is to protect the vested interests of all members of CEFC China.

Chairman also highlighted that the first stage to reach this goal is to let trading drive the economic development, and to make CEFC China attractive to talent. “With more talent joining us, we must reach a consensus that joint efforts are more powerful than individual strength. To foster team solidarity, a common goal shall be shared with all members of CEFC China. Meanwhile, bringing people together also means an increasing risk of conflicts, thus establishing the culture authority is required as the way to settle the potential conflicts. The core culture of CEFC China derives from the leadership of Board Chairman and the Board of Directors. Only by maintaining this authority can the Community function effectively”, said Chairman Ye.

Innovative Institutional System and Common Development

The core innovation of CEFC China, as Chairman Ye stated, lies in its innovative institutional system, where it operates as a private enterprise under the Chinese laws, adhering to the business integrity and respecting the contractual commitments.

Enhancing Business Risk Control and Internal Auditing Supervision

During the meeting, Chairman Ye also emphasized that efforts shall be made to strengthen the risk control system and enhance internal auditing supervision. “We must be responsible for our work and follow the common guidelines to materialize the common development,” said Chairman Ye.

At the end of the meeting, Chairman Ye pointed out that the talent CEFC China expected are those who were loyal, dedicated and prudent. “The company will enable you, if you are willing to contribute to the company,” said Chairman Ye.

The meeting was presided over by President Chan Chauto, and was also joined by Members of Standing Committee of the Board.

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