During September 14 to September 21, Mr. Ma Chuanjing, Ms. Li Jinfeng and Mr. Wei Weifeng, External Directors of Sinochem Group, along with Mr. Zhu Yongliang, a Director selected from employees, visited overseas subsidiaries in the United States and Hong Kong to learn overseas assets operation. The delegation was accompanied by Mr. Zhang Baohong, Secretary of Board of Directors of Sinochem Group.
During their visit in the United States, the external directors went to Sinochem American Holdings, Inc. as well as its subsidiaries U.S Agri-Chemical Corp., U.S. partnering company of Sinochem Oil, etc. There they heard reports about enterprises’ development before going to Midland, Texas where Sinochem Group has invested in a shale oil and gas project. The delegation visited the project site to know about the operation conditions of drilling platform, oil and gas production and processing facilities, as well as the process of well completion, hydraulic fracturing and well cementing. During their trip, the external directors also met the team from the oil and gas consulting firm Ryder Scott to hear from the latter’s opinions on the status quo and trends of oil and gas industry development.
After that, the external directors went to Hong Kong to visit Sinochem Hong Kong (Group) Company Limited (SHK), as well as its Hong Kong-listed subordinate enterprises: Sinofert Holding Limited, China Jinmao Holdings Group Limited and Sinochem International Chemicals (Hong Kong) Co., Ltd. There they listened to the management about the corporate development strategies and operation control model to know about problems that these enterprises have encountered in the business operation and accordingly proposed solutions.
Through the field visits, external directors knew more about the operation of Sinochem Group’s overseas assets and accumulated massive first-hand information, which will be of help to improve board of directors’ expertise in making reasonable decisions.
The external directors agreed that overseas enterprises are playing the leading role in the international business operation for Sinochem Group. Over these years, Sinochem Group has accumulated abundant experiences of overseas operation and fostered a dedicated, well-behaving, high-quality and loyal overseas talent team, which is great treasure of the company. They hope that the group could invest more into the research of international strategies, pay special attention to the international cooperation related to Belt and Road Initiative, make greater efforts to expand international business and enhance the risk control for overseas enterprises. In addition, Sinochem Group is also expected to focus on quality and efficiency improvement while continuously increasing the returns on industrial investment and capital operation to bring the international operation to the next stage, aiming to establish Sinochem Group as the leader in international expansion and global operation among China’s central enterprises.