On January 17, 2024, Sinochem Energy convened its 2024 Annual Work Conference in Beijing. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the conference fully aligned with the guidelines of the 20th CPC National Congress, the Second Plenary Session of the 20th CPC Central Committee, and the Central Economic Work Conference. It communicated and acted upon the strategic plans and requirements outlined in Sinochem Group’s 2024 Work Conference, reviewed accomplishments from 2023, analyzed prevailing challenges, and mapped out key priorities. The conference rallied staff and cadres to bolster confidence and assume responsibilities to drive high-quality development for Sinochem Energy.

Chen Chengmin, Vice President and Member of the Party Leadership Group of Sinochem Holdings, as well as Chairman, Party Secretary, and President of Sinochem Energy, delivered the company’s 2024 work report entitled “Strengthening Confidence, Overcoming Challenges, and Driving High-Quality Development with Greater Responsibility.”

Chen emphasized that 2023 marked the inaugural year of implementing the guidelines of the 20th CPC National Congress and the year of economic recovery following three years of COVID-19 pandemic response. Facing formidable challenges, including volatile international oil prices, sluggish demand recovery, oversupply in chemical production capacity, and weak market expectations, Sinochem Energy, under the strong leadership of Sinochem Group’s Party Leadership Group, advanced thematic education on Xi Jinping Thought on Socialism with Chinese Characteristics and achieved steady progress in business operations. The company witnessed enhanced operational excellence, steady progress in restructuring and reforms, strengthened business synergies, robust strategic development, and solidified safety foundations, all underpinned by effective Party-building initiatives.

Chen noted that 2024 is a pivotal year for Sinochem Energy to fulfill its strategic mission, surmount obstacles, and drive transformation and upgrading. Amid complex internal and external environments, the company must closely monitor macroeconomic trends and align with industry dynamics while addressing internal challenges. It must accurately and strategically identify and respond to changes and proactively pursue transformation. Focusing on the “Four Orientations” of value, efficiency, innovation, and safety, the company will optimize operations, bolster industrial capabilities, strengthen management foundations, and mitigate operational risks. With unwavering resolve, it will press ahead with greater responsibility to drive high-quality development. 

To achieve the operational goals for 2024, Chen outlined six strategic priorities:

1. Quality and Efficiency Enhancement: Optimize production processes, enhance internal-external coordination, and tighten cost controls to revitalize operational performance.

2. Market Expansion and Profit Growth: Strengthen market analysis, drive sales growth, enhance trade competitiveness, and expand overseas market presence.

3. Innovation-Driven Transformation: Accelerate the execution of strategic projects, intensify R&D investments, advance new energy businesses, and elevate digital transformation outcomes.

4. Deepened Reform: Refine management models, deepen institutional reforms, and foster management excellence.

5. Risk Prevention and Control: Strengthen safety and environmental protection, ensure regulatory compliance, and enhance risk management capabilities.

6. Party-Building Leadership: Strengthen grassroots Party organizations, promote talent development, and uphold Party discipline to sustain governance effectiveness.

Chen concluded by urging all staff to fully align with the guidelines of Sinochem Group’s Annual Work Conference, demonstrate the “vigor and spirit” of Sinochem in the new era, and uphold a “determined start and relentless sprint mindset.” All the staff should prioritize quality enhancement, pursue development with unwavering commitment, and proactively manage risks to achieve annual targets and fulfill Sinochem Group’s vision of becoming a world-class integrated chemical enterprise.

During the conference, Li Xin, Vice President and Member of the Party Committee of Sinochem Energy, conveyed the guidelines of Sinochem Group’s 2024 Annual Work Conference. Song Lichen, Vice President, presented an operational analysis report, while Ma Zhongfeng, CFO, delivered a financial performance analysis. Attendees included leaders from Sinochem Group’s relevant functional departments, Sinochem Energy’s leadership team, heads of functional departments and secondary business departments. The meeting was presided over by Han Bing, Vice President and Deputy Party Secretary of Sinochem Energy.