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address from chairman

dear friends:

i would like to thank you for following our development in the past year and look forward to your kind support and understanding.

in 2011, the first year of the 12th five-year plan period, the world economic recovery was slow and weak, and various types of risks increased significantly. china’s inflationary pressure intensified and monetary policy tightened; while international oil prices fluctuated at a high level and market demand growth fell. in face of such complex and severe business situations, we thoroughly implemented the scientific outlook on development, based on the present, focused on the future, forged ahead to maintain a good momentum of development and achieved the best results in our history. i believe you will find those heartening changes as you read on.

we attribute all the achievements to the support from the chinese government and all sectors of the society, to the sincere cooperation of partners at home and abroad, and to the hard work of all sinopec employees. i’d like to, on behalf of the management of sinopec, extend my heartfelt gratitude to all the friends that have rendered great understanding and support to sinopec.

in 2011, we thoroughly assessed the external environment and our corporate status, put forward the development goal of building a world-leading energy and chemical company, and fine-tuned our development strategy and development model, thus a new driving force in the development of sinopec. we also attribute the remarkable achievements made last year to the unremitting effort in transforming the growth pattern.

we were committed to promoting green and low-carbon development. over the years, sinopec’s energy consumption and emission levels have continued to decline while its production scale has expanded constantly. during the 11th five-year plan period, our crude run increased by 39% and ethylene output increased by 67.2%, while the overall energy consumption per ten thousand yuan output value decreased by 15.4%, which was equivalent to saving a grand total of 14.44 million tons of standard coal, and the emissions of industrial wastewater, cod and sulfur dioxide decreased by 30.5%, 18.1% and 35.7% respectively. on this basis, in the year 2011, our overall energy consumption per ten thousand yuan output value further decreased by 1.5% year on year, and emissions of industrial wastewater, cod and sulfur dioxide decreased by 8.7%, 16.9% and 9.8% respectively.

we were committed to promoting innovation. over the years, sinopec has obtained fruitful results in the technology research and development of clean fuel production, clean energy resources and clean coal utilization. in 2011, sinopec achieved industrialization of its methanol to olefins (mto) process, paraxylene (px) adsorption and separation, diesel liquid phase circulation hydrogenation, bio-jet fuel, and other internationally advanced technologies with independent intellectual property rights, and made new breakthroughs in the application of unconventional oil and gas resources development technology. in total, sinopec obtained 1,352 domestic and foreign patent licenses in 2011, hitting new record high. we were committed to promoting international development. cross-sectoral and international cooperation between governments and companies needs to be carried out to address financial crisis, energy security, climate change and other global issues. therefore, we integrated domestic and international resources and markets, constantly strengthened international cooperation and sped up our international development. today, sinopec has made investment, developed trade and service businesses in 55 countries and regions around the world, and has more than 30,000 overseas employees, of whom 80% are locals. sinopec has made great contribution to the employment, tax revenue, economic and social development and improvement of people’s life of countries in which we operate.

we were also committed to promoting the common development of employees and the company. to give full play to our advantage in human resources, we developed specific people-oriented measures, having our team vigor and cohesion enhanced constantly. we also fully implemented the construction of passage of talents development and expanded the growth space of all kinds of talents. in addition, we further optimized our employment structure and adjusted our distribution pattern. income of sinopec’s employees, especially of those front-line employees grew fast. last but not least, we actively promoted the resolution of problems left over by history and further facilitated sinopec’s internal harmony and stability.

meanwhile, we also earnestly fulfilled our corporate social responsibilities. we took active measures to effectively secure fuels supply in agricultural consumption peaks in summer and autumn and disaster relief, having made outstanding contribution to promoting the smooth running of the economy. we also implemented safe and clean production to achieve coordinated development among the company, the society, as well as the environment. furthermore, we actively participated in public welfare activities, including donation to education, poverty alleviation and sponsorship of “lifeline express”, all of which yielded positive recognition from the public. we also strengthened communication with media, capital markets and the general public, having enhanced our internal management and set up a good corporate image.

looking ahead, both international and domestic environment will become more complex and severe in 2012. we have started a new voyage of building a world-leading energy and chemical company. we will adhere to taking transformation of growth pattern as the main task, structure optimization as the starting point and reform and innovation as the driving force. we will emphasize development quality and efficiency, technological progress, green and low carbon, and people-orientation further. additionally, we will constantly improve our value creation ability and sustainable development ability, and to transform from a traditional energy and chemical company to a clean, environment-friendly, low-consumption and efficient company. additionally, we will constantly expand cooperation with existing and potential partners both at home and abroad, and strive to create a new win-win situation. we look forward to your continued support.