China United Petroleum Co., Ltd. (hereinafter referred to as "China United Petroleum Company") was born in the tide of China's reform and opening up. 1993 has experienced ten years of wind and rain since its establishment on June 8. With the strong support of shareholders and the correct leadership of the board of directors, China United Petroleum Company has achieved rapid and steady development. Looking back on the development of the company 10, especially in the last five years, the business scale has maintained rapid growth, the business volume has increased year after year, the profits have risen sharply, and the assets have been preserved and increased, creating good performance. At the same time, we have trained and brought up a team of talented people who are full of vigor, enterprising, know how to manage and dare to participate in international competition. Here, on behalf of the company's management, I would like to express my heartfelt thanks to friends from all walks of life at home and abroad who have cared for, supported and helped the development of China United Petroleum Company for many years.

In recent years, China United Oil Company insists on continuous integration, adapting to market changes and improving its competitiveness by updating its system and mechanism. The mode of trade has changed from simple agency import and export to various forms such as agency, self-operated import and export, re-export and entrusted processing, and has initially entered the international crude oil and refined oil futures market. The service means has changed from simple sales to diversified services such as procurement, sales, chartering and transportation. The adjustment of business structure makes the company's business philosophy and management system more adaptable to the changes in the international market, and also promotes the company to be closer to customers and improve its competitiveness.

We will further carry forward the enterprise spirit of "honesty and enterprising", aim at enhancing the company's value and maximizing the interests of shareholders, and aim at providing quality services to customers, and strive to build China United Petroleum Company into a world-class oil trading company.

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China Sinochem Group Corporation (hereinafter referred to as "Sinochem Group"), established in 1950, is an important state-owned backbone enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council, formerly known as China Chemical Import and Export Corporation.

Sinochem Group is one of the earliest enterprise groups in China to enter Fortune Global 500. In 2005, he was shortlisted for 15, ranking 287th. (Sinochem's ranking in Fortune magazine)

Sinochem's main business includes: trade, distribution and logistics of petroleum, fertilizer and chemical products, crude oil, fuel oil and natural rubber futures; Overseas oil and gas resources exploration and development, petroleum refining, chemical ore mining and dressing, fertilizer and chemical products production; Hotel and real estate development and management. The company is one of the four national oil companies in China, the largest importer of chemical fertilizer and producer of phosphate compound fertilizer in China, and an important marketing service provider of chemical products in China. Sinochem brand is a well-known trademark in China and enjoys a good reputation in the global industry.

Sinochem Group has established four overseas groups in Europe, America, Asia and Hong Kong to provide high-quality products and convenient marketing services to domestic and foreign customers with a global marketing network. The company has two listed companies, Sinochem Hong Kong Holdings (stock code: 0297) and G Sinochem (stock code: 600500) in Hong Kong and Shanghai respectively.

Since 1998, Sinochem Group has vigorously promoted management reform and market-oriented development strategy in accordance with the requirements of the development of socialist market economy, actively explored the transformation of traditional state-owned foreign trade enterprises into market-oriented marketing service enterprises, and extended to the upstream and downstream of traditional advantageous trade business through innovative business models. In the three core fields of petroleum, fertilizer and chemical industry, an industrial value chain integrating resources, R&D, production, logistics and marketing has gradually formed, and great progress has been made in the fields of finance, hotel real estate and so on, further broadening the development space of enterprises, making their business performance grow continuously and rapidly, and their core competitiveness and market-based sustainable development ability are constantly enhanced.

Facing the future, Sinochem Group will continue to adhere to the concept of "creating value and pursuing Excellence", firmly establish Scientific Outlook on Development, adhere to the road of quality and efficiency development, accelerate strategic transformation in an all-round way, focus on energy, agricultural inputs and chemicals, and continue to extend to the upstream and downstream of related industries and at home and abroad on the basis of marketing service capabilities, and gradually form an industrial value chain and related industrial clusters with mutual support of resource control, technology research and development, marketing and financial services, thus forming a strong market competitiveness.

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