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Message from the Chairman

2019 marked the 70th anniversary of the founding of the People’s Republic of China, and was also extraordinary for Sinopec. Under the strong leadership of the CPC Central Committee with Xi Jinping as the core, the Company at all levels united and adhered to the Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era in taking on the significantly rising challenges home and abroad. The celebration of the 70th anniversary, the theme campaign of "staying true to our founding mission" and rectification of problems identified by the inspection provided impetus for us to seek progress in stability, take action, and promote new progress. We recorded revenue of 3.0 trillion yuan, an increase of 2.3% year on year, total profit of 100.9 billion yuan, an increase of 4.3%, net profit of 79.1 billion yuan, up by 9.1%, and total taxes and fees of 312.2 billion yuan.

We deepened supply-side structural reform and accelerated industrial transformation. Through conscientiously implementing the new energy security strategy and important instructions by General Secretary Xi Jinping, we increased domestic oil and gas exploration and development efforts, stabilizing oil and gas increase and reducing costs, achieving a number of new breakthroughs, and commissioning a number of key projects, such as Wen 23 gas storage depot. We accelerated the construction of refining and chemical bases, with the Zhongke refining and chemical project’s mechanical completion delivered, a number of key projects such as Zhongan united coal chemical completed and commissioned, and a number of low-sulfur bunker fuel facilities implemented. We paced up the construction of integrated- and smart-service stations, pushed international cooperation towards broader and deeper areas, and nurtured new businesses. Science and technology innovation achievements were fruitful with high-temperature and high-salt reservoirs EOR, para-aramid processes and other key projects made positive progress in research and development, supporting the industrial upgrading.

We further promoted institutional reform and made every effort to consolidate the foundations of stability and prosperity. We deepened study and implementation of the spirit of the Fourth Plenary Session of the 19th CPC Central Committee, actively explored the establishment of a modern enterprise system with Chinese characteristics, promoted the reform of the management system and the adjustment of the headquarter structure, implemented the reform of supporting mechanisms in an orderly manner, and made new steps in the construction of the corporate governance system. The “three systems” reform, mixed ownership reform, and support for the formation of a national pipeline network company and other key reform were steadily advancing, showing a new pattern of comprehensive approach, multi-point breakthroughs, and profound progress. We further improved internal control and risk management system, strengthened the construction of compliance system, strengthened the governance of enterprises in accordance with the law, and ensured sound operation.

We strengthened the responsibility of party management and governance, and promoted strict party governance in a comprehensive manner. We had a high-quality theme campaign of "staying true to our founding mission", consciously accepted the CPC Central Commission’s inspection of SOEs, proactively rectified the problems, studied and implemented the Xi Jinping’s Thought on Socialism with Chinese characteristics for a New Era, and made the "two safeguards" more firm and conscious. The Party's political construction was the guiding force in formulating and implementing key measures to strengthen the Party construction, and the work to reduce the burden on the grassroots continued to deepen, political discipline and political rules became more stringent. We continuously strengthened the construction of the leadership team and human resources, highlighting responsibility, quality and effectiveness, and promoting the integration of party building and business performance. Implementing the reform of discipline inspection and supervision system, maintaining high-pressure posture of punishing corruption, deepening the work of inspection and supervision, comprehensively dissolving liaison offices in Beijing set by affiliates, carrying out special actions to address the practice of formalities for formalities’ sake, bureaucratism, hedonism, and extravagance, and intensifying warning and education, we achieved new progress in fighting corruption and improving systems. We actively carried out promotion of the petroleum industry spirit and of the traditional values of the petrochemical industry, vigorously organized campaign to learn from the deeds of academicians of Min Enze and Chen Junwu, and other persons who were considered role models of the times, boosting positive energy among employees.

We actively fulfilled our social responsibility as a responsible central enterprise. We provided premium services to ensure smooth preparation for and the holding of the 70th anniversary of the founding of the People’s Republic of China, the China International Import Expo and other major events. We conscientiously implemented the CPC Central Committee’s decision for poverty alleviation task, providing 231 million yuan for poverty alleviation funds during the year, and 165 million yuan to support designated parties, helping lift Ban’ge County in Tibet and Yingshang County in Anhui Province out of poverty. As a result, the Company's poverty alleviation cases were listed in the top 50 cases of Chinese enterprises in poverty alleviation. We proactively addressed climate change by implementing the Green Enterprise Campaign and the Energy Efficiency Doubling Plan, and firmly pressing ahead with the battle against pollution. We promoted mechanism for participation in public welfare projects, constantly implementing the Lifeline Express, the Gas Station that Cares and other projects to benefit more people. We emphasized on respecting the cultural traditions and laws and regulations wherever we operated, promoting coordinated economic, environmental and social development of local communities and winning wide recognition both at home and abroad.

The achievements were not won easily. The strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, the help of all sectors of society, the high trust from our customers and consumers, and the collaborative support of partners at home and abroad made our performances possible. On behalf of the Board of Directors, the management team and all employees of the Company, I would like to express my heartfelt thanks to all friends for your valuable support and help.

2020 will see the accomplishment of building a moderately prosperous society in all respects and fulfilling the "13th Five-Year Plan", and will be a critical year for the Company’s reform and development in the new era. Currently, the COVID-19 is raging, market demand has shrunk dramatically, the international oil market has changed drastically, and the financial markets around the world are in turmoil. In the face of the new situation and new tasks, we will unite more closely around the CPC Central Committee with Comrade Xi Jinping as the core, take Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as the guide, thoroughly implement the decisions of the Central Committee and the State Council, act the new development concept, pursue high-quality development, seek progress in stability, focus on quality improvement and efficiency upgrading, deepen the supply-side structural reform, accelerate innovation-driven development, improve corporate governance system, steadfastly and strictly rule the Party, and strive for even better performances and greater contributions to the building of a moderately prosperous society in all respects.

We are committed to enhancing cooperation with our partners and working together for a better tomorrow.