SEG Announces 20223Annual Results | SENGF Stock News

03/17/2024 – 11:22 AM

Value of New Contracts and Dividend Payout Achieve Record Highs

Provide Solid Results and Returns for Shareholders

HONG KONG, CHINA / ACCESSWIRE / March 17, 2024 / SINOPEC Engineering (Group) Co., Ltd. (“SEG” or the “Company”, together with its subsidiaries collectively known as the “Group”) (stock code: 2386) today announced its annual results for the twelve months ended 31 December 2023 (the “Reporting Period”).

During 2023, the Board and the management adhered to observing standards and making improvements, optimizing our storage, planning to increase output, strengthening our fundamentals and preventing risks. We have deepened the implementation of high-quality development action, optimized production and operation with full efforts. The Company achieved revenue of RMB56.221 billion in the entire year, increased 6% year-on-year; net profit of RMB2.336 billion, up 2.2% year-on-year; and new contracts of RMB80.252 billion, surged 10.7% year-on-year and reached record high. With an overall consideration of the profitability of the Company, return to the shareholders and the needs for sustainable development in the future, the Board proposed a final dividend of RMB0.224 per share, , the total dividend for the full year was RMB0.343 per share, achieving historical high and dividend payout ratio reaching 65%. In the past year, the Board and the management focused on new missions and new tasks, optimized the top-level design, and confirmed the idea of high quality development in the aspects of “strengthening the strategic coordination and integration, consolidating the advantages of the traditional main business, driving technological innovations continuously, leading new-type industrialization of the industry, promoting the internationalization of enterprise operation, and realizing the diversification of value creation”, and adopted a series of actions and generated fruitful results.

Market development increased in terms of both quantity and quality. During the year, new contracts hit a record high of RMB80.252 billion. The percentages of orders fromSinopec Group, orders outside our system and overseas orders were 27.4, 45.9% and 26.7% respectively. Development of overseas markets was optimized, new overseas orders hit record high level; overseas business structure was further optimized, general contracting replaced construction contracts to become our principal business; we successfully entered the FEED and PMC business markets in foreign countries such as Saudi Arabia, laying a good foundation for strengthening our competitiveness in project

sources. We won the bidding of large-scale factory design and general contracting projects from customers outside our domestic system such as Huajin AMI and CNOOC & Shell. Overall, the current business layout of the Company is in line with the global industry trend, has met our development expectations and realized the development idea and operating results of the Company to “Go Global” and “Go Up”.

Scientific and technological innovation continued to expand. Anqing RTC and Kuqa Green Hydrogen projects completed construction, signifying the Company has achieved significant breakthroughs in the new energy fields represented by “conversion from oil to chemical products” and hydrogen energy industrial chain. In the field of new materials, a batch of pilot installations such as PGA and POE have completed construction and commenced operation and made rapid progress in the engineering direction. The complete set of zero-landfill harmless treatment technologies for multi-source solid wastes successfully developed by us has built a pilot plant in Yanshan, with 100% recycling rate for solid wastes. We have strengthened our reserves in technologies such as the treatment of wastewater, waste gas and waste catalyst, mixed combustion of biomass, high-value utilization of lignin and CCUS, and has preliminarily achieved the integrated full industrial chain service capabilities encompassing installation removal, site rehabilitation and resources utilization. The Company coordinated and promoted innovative areas such as integrated project management, lean design, intensive procurement, plant prefabrication, welding robot, digital factory and intelligent operation and maintenance as signification projects of new industrialization, all member entities have participated and implemented actively. The remote intelligent operation and maintenance of RTC, ethylene, gasification and thermoelectricity and online simulation optimization technology have commenced and received initial recognition from the owners, with a view to become a brand-new business model along the entire lifecycle of factories. In the past year, the Company’s technological innovation was more market-oriented, founded on the base of value appreciation, focused on leading new industrialization, with more balanced development in petrochemical main chain technology, extended chain technology and engineering technology.

Lean management enhances value creation. At project level, we strictly fulfilled the contracts and attach more importance to the multi-target comprehensive management and control of project quality, safety, progress and efficiency, so as to stabilize the profitability of the project in the fierce market competition; ExxonMobil Huizhou Ethylene Project has been advanced efficiently, and the organic combination of” international rules + Chinese mode” has formed valuable experience; overseas projects have been implemented steadily with the level of localization further improved. At the Company’s level, the Company adhered to the rigid assessment of “one profit and five rates”, continued to play the role of financial budget traction and control, with more effective fund management and control; regulating the expenditure and allocation of research and development expenses, focusing on practical results in the use of research and development funds; improving the customized assessment indicator system for each enterprise’s operation and management, guiding enterprises to serve the overall situation and making breakthroughs in key areas.

Mr. JIANG Dejun Chairman of SEG, said: “In the past year, the Company optimized the composition of the Board, further improved its scientific decision-making ability, with various risks under control, rendering steady development of the Company and significant improvement in its ESG performance. Looking ahead, the development trend of the energy industry will become increasingly clear, with both challenges and opportunities. Firstly, the trend of industrial transformation and upgrading, in-depth adjustment to the structure of the refining and chemical industry, the domestic enterprises are in the process of energy efficiency improvement and high-end layout have brought unique market opportunities to the Company; secondly, the trend intelligent development, Intellectualization is an important part of new industrialization and comprehensive deepening of intelligent services for the entire life cycle of factories is required, thus, it becomes imperative to promote the application of artificial intelligence based on big data and large models in the petrochemical industry; thirdly, the trend of intelligent development, the trend of green and low carbon. Carbon reduction, pollution reduction, green expansion and growth have become the common pursuit of the petrochemical industry, requiring engineering enterprises to continuously improve the R&D application and engineering transformation of green, low carbon and green energy technologies; fourthly, the trend of international operation. China’s high level of opening up to the outside world and the development needs from petrochemical industries and industrial facilities in many countries in the world have brought about an extensive stage for us to “go global”. The Board of the Company will lead the Company to move unswervingly towards the world’s best by strengthening strategic leadership and integrated planning.”

Business Review and Highlights

Quantitative and qualitative increase in market development achievements

During the Reporting Period, the value of new contracts signed by the Group was RMB80.252 billion, representing an increase of 10.7% on a year-on-year basis.

During the Reporting Period, the value of new domestic contracts signed by the Group was approximately RMB58.805 billion, domestic market continued to maintain comprehensive competitiveness, we signed front end engineering consultancy and engineering design contracts for a number of projects, including the Maoming Oil Refining Transformation and Upgrading and Ethylene Quality Improvement Project, Luoyang One Million Tons Ethylene, Zhenhai Expansion of 1.5 million t/a Ethylene, and Shandong Binhua, as well as EPC and construction contracts for a number of largescale industrial park projects. Representative new contracts include the general contract for undertaking engineering construction for partial plants such as ethylene, aromatics and polypropylene of the fine chemicals and feedstock project of North Huajin United Petrochemical Company Limited (the “Huajin Project”) with a total contract value of approximately RMB15.661 billion; EPC contract for the Multiple Units of Zhenhai Refining and Chemical, and High-end Synthetic New Materials Project with a total contract value of approximately RMB3.405 billion; the EPC contract for the ethylene plant of PetroChina Jihua Transformation and Upgrading Project with a total contract value of approximately RMB3.173 billion; the EPC contract and construction contract for the multiple bid sections for the BASF Integration Project and the construction contract with a total contract value of approximately RMB1.755 billion; the EPC contract for the liquefied petroleum gas safety enhancement project of Sinopec’s Qingdao Refining and Chemical with a total contract value of approximately RMB1.353 billion; and EPC contract for polypropylene of CNOOC Daxie Petrochemical Upgrading and Expansion Project with a total contract value of approximately RMB1.673 billion.

During the Reporting Period, the value of new overseas contracts signed by the Group was approximately USD2.978 billion, showing a year-on-year growth of 181.21%. We maintained strong momentum in international market development. Representative new contracts include the EPC contract of bid sections P1 and P2 of Saudi Aramco’s Riyas NGL project (the “Saudi Riyas Project”) with a total contract value of approximately USD1.173 billion; the EPC contract of the tank farm of the Saudi AMIRAL Project and its integration with the SATORP refinery (the “Saudi AMIRAL Project”) with a total contract value of approximately USD727 million; the contract of the wind power lifting project for the new city of NEOM in Saudi Arabia with a total contract value of approximately USD48 million; we made new achievements in overseas “Technology+” high-end engineering services, and successfully signed a number of front-end engineering service contracts such as the pre-design of the ADNOC ethane recovery project in the United Arab Emirates, the technical consulting of the Mozyr polypropylene project in Belarus, the process package design of the new Longguang polystyrene project in Vietnam, and the LNG capacity expansion technology evaluation of the Qatar Energy NFS project; we won the bid for Saudi Aramco’s Ras Tanura Steam Treatment VHRT Project, this is the first time that the Group contracted a PMC project overseas, and its business level has reached a new level.

During the Reporting Period, the Group signed 230 new contracts in emerging fields such as new energy and new materials, and new contracts in emerging fields such as new energy and new materials amounted to approximately RMB7.672 billion, representing a year-on-year increase of 65.0%, and the expansion of emerging businesses continued to accelerate.

Steady progress in the construction of key projects

• Tianjin Nangang Ethylene Project (EPC) has been delivered.
• Baling Caprolactam Project (EPC) has been delivered and put into production.
• Tianjin LNG (Phase II) Project (EPC) has been delivered and put into operation.
• Shandong LNG (Phase III) Project (EPC) has been delivered and put into operation.
• Zhenhai Refining and Chemical, and High-end Synthetic New Materials Project (EPC) was in the peak of its construction and installation stage, and the overall progress was over 70%.
• PetroChina Jihua Transformation and Upgrading Project (EPC) was in the construction and installation stage, and the overall progress was over 40%.
• Longkou LNG Project (EPC) was in the peak stage of construction, and the overall progress was over 70%.
• Huajin Project (EPC) was in the detailed design stage.
• ExxonMobil Huizhou Ethylene Project (BEPC) progressed smoothly and was awarded the “President’s Award for Safety of Global Project” by the owner.
• Saudi AMIRAL Project (EPC) was in the civil construction stage, and the overall progress was about 30%.
• Algeria LNG/MTBE Project (EPC) was in the stage of construction, and the overall progress was over 40%.
• Project of the upgrading and construction of Saudi Aramco’s crude oil transfer pumping station (EPC) was in the peak stage of construction, and the overall progress was over 80%.
• ExxonMobil Singapore CRISP Integration Project (C) was in the stage of construction, and the overall progress was over 30%.

Note: “EPC” means engineering, procurement and construction general contract, “BEPC” means basic design, detailed design, procurement and construction general contract, and “C” means construction general contract.

Further enhancement of scientific and technological innovation capability

During the Reporting Period, the Group has made prominent achievements in research and development of science and technology, the Group signed 317 new technology development contracts, new contracts amounted to research income of RMB420 million; and 96 new technology licensing and service contracts, with the total amount of technology development and technology licensing contracts reached RMB410 million, reaching historical high.

During the Reporting Period, the Group had 797 new patent applications, among which, 574 were invention patents, accounting for 72%; the Group also had 462 newly licensed patents, 233 of which were invention patents, accounting for 50.4%, patent quality has been continuously optimized.

During the Reporting Period, the Group received a total of 33 science and technology progress awards in scientific and technical innovation and engineering construction fields at the provincial and ministerial level and above level. Among these awards, two projects including “Packaged Technology Development and Industrial Application for Shale Gas Liquefaction” won the Second Prize of Scientific and Technological Progress of SINOPEC, while “Engineering and Technology Development of Large-scale Fixed-bed Hydrogenation Reaction Process Enhancement” won the Third Prize of Scientific and Technological Progress of SINOPEC, and “A Multi-Tube Ethene Cracking Furnace” won the Silver Prize of the State-level Patent; 2 prizes of the national excellent design award, 10 prizes of the national high quality projects award.

The Group’s engineering and technology innovation was closely centered on the Company’s strategy and market demand, with key scientific research projects progressing steadily and new advances made in the research of key core technologies. During the Reporting Period, the Group completed the special work of summary of the refining and chemical industry chain and technology chain and released the “Company’s Technology Industry Chain” (the first edition), laying the foundation for the next step of precisely carrying out the work of “chain extension”, “chain supplementation” and “chain strengthening”.

During the Reporting Period, China’s first 10,000-ton PV green hydrogen demonstration project designed and constructed by the Group, Xinjiang Kuqa Green Hydrogen Demonstration Project, has successfully produced hydrogen, and successfully realized interpenetration of the whole process from green hydrogen production to utilization, marking the first time that China realizes interpenetration of the whole industrial chain of 10,000-ton green hydrogen refining project. This project reaches the hydrogen production scale of 20,000 tons per year, and provides a replicable and promotable demonstration case for the development of PV green hydrogen industry.

During the Reporting Period, focusing on the transformation of traditional technologies and the “dual carbon” target, the Group made significant breakthrough in engineering transformation. The world’s first set of 3 million t/a RTC (high efficiency catalytic cracking of heavy oil) industrial demonstration plant was successfully put into operation, realizing the leapfrog progress of catalytic cracking technology, this will provide strong technical support for the transformation and upgrading of refinery and chemical enterprises from traditional fuel-based refineries to chemical-based refineries, and will lay a solid foundation for the Group to expand its market development in this field and undertake engineering projects. At present, five sets of heavy oil catalytic cracking units are under engineering implementation.

During the Reporting Period, the first set of pilot plant of medical grade PGA (polyglycolic acid) of Sinopec designed and constructed by the Group was completed and delivered for midterm at Yangzi Petrochemical. This project realizes another breakthrough in high-end medical material technology.

During the Reporting Period, the first set of 150,000 t/a CHPPO plant in China designed and built by the Group was successfully put into production in Tianjin Petrochemical. Propylene oxide is important basic chemical raw material, and is widely used in polyurethane, polyester fiber and other polymers, as well as in the synthesis of pharmaceuticals and fine chemicals.

Continuous strengthening of engineering and construction capability

During the Reporting Period, the Group continued to strengthen lean management and project resource coordination and planning, focus on cost reduction and efficiency creation and quality enhancement, and make every effort to ensure the smooth operation of the projects; strengthen the whole process management and control of projects, improve the management of project progress, revenue and cost plan, optimize the process evaluation of the key indicators of projects, and strengthen the management of contractual changes and the process of settlement, execute contract in accordance with laws and regulations, and effectively guard against the risks of production and operation; improve engineering efficiency and effectiveness through design optimization; improve design and construction efficiency through standardized design and modular construction; strengthen the cultivation of strategic subcontractors, so that the execution capability of subcontracting resources and the quality of the project can be effectively improved; organize management benchmarking and optimize procurement solutions, so that the procurement bargaining and the ability of securing supply for the project can be continuously improved.

During the Reporting Period, the Group strengthened the application of advanced equipment and technology, promoted the industrialized application of automatic welding and welding robots, explored and promoted the implementation of standardization, automation, digitalization and modular construction in engineering and construction, so that the application rate of automatic welding was increased by 3% year-on-year, and the processes such as guiderail-free crawling welding robots, nine-axis and six-axis pipeline bottoming welding robots, were successfully researched and developed and implemented for industrialized application, and the work efficiency and quality were significantly improved. The Group carried out the research and development of intelligent factory workshop technology, explored the creation of factory manufacturing base, promoted the fusion of digitalization, intelligentization and engineering business, and actively led the innovation of engineering mode. The Group successfully researched and developed 2,000-ton multi-water-area mobile heavy-duty wharf and upgraded 5,000-ton gantry crane, further enhancing the ability to support and guarantee the pillar of the great power.

Maintenance of excellent state of QHSE

During the Reporting Period, taking the action of the year of strengthening safety management, the action of green enterprise, the special solution for the problem of “low, old and bad” quality and the action of “working hard for one hundred days” as the cardinal line, the Group pushed the system by auditing, strengthened the ability by training competition, took practical steps by checking and supervising and built the barrier by risk control, and continued to write a new chapter of safe, green and high-quality development. By the end of the reporting period, the Group had accumulated 290 million safe man-hours, showing an increase of 15.8% over the same period last year, and the situation of safety, high-quality and clean production was stable and under control, with no quality or environmental protection accidents occurring. During the entire year, the Group won 3 national quality awards, 6 first-class awards for national excellent welding, 4 national QC group achievements, and the Huizhou Ethylene Project was awarded the “President’s Award for Safety of Global Project” by the owner; the construction of green enterprise continued to advance, with all 9 member units passing the green enterprise review, and the performance of QHSE management realized a significant improvement.

During the Reporting Period, the Group continued to strengthen the foundation of production safety by specially tackling key problems of equipment management, serious violation of regulations and the “three fundamentals”; continued to improve the level of quality and safety control by identifying the risks at the source of design, R&D and manufacturing, and carrying out quality assessment, research and special rectification actions; and injected new kinetic energy into intrinsic safety by actively researching and developing new technologies such as “modular construction” and “integrated assembly”, and promoting the application of new equipment such as “intelligent rule violation identification”, “electronic fence”, and “welding robot”. The Group innovatively researched, developed, integrated and applied GD series of safe and green production processes with high efficiency, low consumption and low emission, vigorously promoted green construction site development and green enterprise review, and collaborated to tackle key problems such as VOCs emission and hazardous waste disposal, so as to achieve continuous improvement of green and low-carbon core competitiveness.

Continuous enhancement of digital/intelligent enabling capabilities

During the Reporting Period, the Group coordinated the construction of intelligent manufacturing digital base. The construction of refining and chemical engineering business domains was fully promoted, the design of informatization application framework 2.0, global APP and data resource catalog was completed, and 2 data governance achievements were selected as SINOPEC’s 100 excellent data application cases. The digital delivery capability continued to improve. Breakthroughs were made in the design of intelligent factories for projects such as Tianjin Nangang and Zhenhai Base, and digital delivery projects such as Zhongke and Gulei were successfully accepted. Intelligent application scenarios were continuously deepened, with the iterative upgrading of intelligent site development in projects such as Yangzi and Yizheng, and the initial achievements of intelligent operation and maintenance pilots were made in areas such as coal gasification units and equipment anti-corrosion.

In-depth promotion of talent team building

During the Reporting Period, the Group adheres to the development strategy of “strengthening the enterprise with talents” to strengthen the construction of talent team. Innovate the diversified mechanisms for introducing talents, deepen school-enterprise cooperation, and jointly implement the “Sailing Plan” in collaboration with colleges and universities. Forge a team of high-quality professional management personnel, promote the tenure system and contract management of the Company’s executive staffs and middle and grass-root managing personnel, fully mobilize the enthusiasm and initiative of managing personnel at all levels, and stimulate the vitality of the enterprise. Improve the training mode of professional engineers, carry out the “strongest engineer” competition, and accurately train professional engineers and design engineers with the empowerment mode of “theory plus practice, learning plus discussion, training plus evaluation”. In accordance with the requirements of “five understandings, five skills and five abilities”, take practical steps in the job skills training and basic skills training of skilled operators, and implement measures such as “master leading disciple”, “work instead of training” and “skill competition” to create a “learning-oriented”team. Continue to carry out “seedling program” for practical training of young talents to enable young talent to thrive in grassroot frontline practice. Implement the talent echelon plan, carry out the selection of business leaders, project talents, future talents and successor talents of skill masters, accelerate the cultivation of high-level talents, and continuously enhance the ability of talents to support and lead development.

Significant enhancement of ESG governance level

During the Reporting Period, the Group actively explored the fusion of international experience and Chinese practice for ESG, continuously established and optimized ESG work system, strengthened the management foundation and enhanced the disclosure level, so as to build a leading enterprise in term of ESG performance. Firstly, the Group established a key ESG performance indicator system, which covers key ESG performance indicators such as greenhouse gas emission, resource consumption, pollutant emission, occupational health and safety, and integrity and anti-corruption, and has incorporated ESG performance indicators such as safety, environmental protection, and compliance operation into the appraisal system of key management personnel and member enterprises, so as to facilitate the Company’s achievement of annual ESG targets. Secondly, the Group established a comprehensive ESG disclosure mechanism. The Group actively responded to the revision of the ESG Guidelines of the Hong Kong Stock Exchange, and added “Performance Report” in the ESG report from March 2023 onwards, realizing an item-by-item response to the 48 disclosure indicators at 12 levels. The Group was rated AA in Wind’s ESG rating and received the “Best Practice Award of Hong Kong Stock Exchange for ESG of Energy Industry” from Wind. Thirdly, the Group initially established a data statistic system for ESG indicators. The Group established a reporting mechanism covering all member enterprises to continuously improve the quality of information disclosure in ESG reports, and carried out independent verification

work of ESG report for the first time

Business Prospects

Looking to the future, challenges and opportunities coexist on the road ahead. The external environment is still complex and severe, domestic effective demand is insufficient, social expectation is weak, the Company’s development still has to overcome some difficulties and challenges. However, the basic trend of China’s long-term economic upturn has not changed; the development trend of industrial transformation and upgrading in the energy sector, green, low-carbon, intelligentization and internationalization will also bring more opportunities for the Company. From a comprehensive perspective, the opportunities still outweigh the challenges.

In 2024, the Group will continue to enhance our core competitiveness, further increase the pace of internationalization of business while strengthening and enlarging our traditional business, do a good job in technology research and development in a forwardlooking manner, continue to enhance the green and low-carbon competitiveness of the whole industrial chain, continuously improve our project fulfillment capability, and strive for high level of business performance. In accordance with the Company’s development strategy, combined with the actual production and operation, the Group have set the target of amount of new contracts for 2024 as RMB55 billion within the country and USD3 billion outside the country. Focusing on the annual objectives of the Company, the Group will prioritize the following tasks with value management and value creation as core principles:

Firstly, expand market development and continuously broaden the Company’s business foundation. Domestically, the Group will do a good job of market tracking, development and service of key projects, consolidate the traditional areas of advantage; vigorously explore incremental and emerging markets, accelerate the cultivation of the most competitive distinctive products with core competitiveness, and strengthen the advantages of the whole industry chain. Internationally, the Group will continuously expand the circle of friends with a more open mindset, take the road of ecological and collaborative globalization, continue to expand the scale of overseas markets, expand the proportion of international business income, and comprehensively improve the level of international operation.

Secondly, optimize project construction execution and continuously enhancing the project’s technological performance. The Group will adhere to a customer-centric approach, providing customers with comprehensive solutions across the entire industry chain. Through high-quality, reliable, safe, and efficient services, the Group aims to enhance its own value while creating value for customers. Resources will be coordinated to ensure the orderly progress of ongoing projects. Strict compliance will be enforced to enhance performance capabilities and strengthen overall project management and control to ensure the quality of effectiveness. The Group will continue to deepen the application of advanced technology and equipment. In 2024, the application rate of automated welding will increase by an additional 3%. The Group will promote the application and practice of “Robots +” to expand the application scenarios of welding robots and lead innovations in welding technology and equipment. The Group will strengthen the application of informatization and intelligentization means, promote the research and development of intelligent factory workshop technology, promote the improvement of factory intelligent manufacturing capabilities, and steadily improve effectiveness and efficiency.

Thirdly, improve risk control and consolidate the foundation of high-quality development of the Company. The Group will initiate the construction of a major operational risk management platform, continuously strengthen legal risk prevention throughout the entire lifecycle of contracts, and strictly guard against financial, foreign exchange, tax, and credit risks. We will focus on key indicators such as return on net assets and operating cash ratio to further solidify the profit foundation and enhance the profitability. We need to strengthen cost control through optimized design, innovative technology, and lean management to improve the overall cost control level across all aspects and processes

Summary of Financial Data and Indicators Prepared in Accordance with International Financial Reporting Standards (“IFRS”)

Unit: RMB’000

Unit: RMB’000

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This press release is issued by PRChina Limited on behalf of SINOPEC Engineering (Group) Co., Ltd.About SINOPEC Engineering (Group) Co., Ltd.

The Group is a leading energy and chemical engineering company in the PRC with strong international competitiveness and can provide domestic and overseas clients with overall solutions for petrol refining, petrochemicals, aromatics, coal chemicals, inorganic chemicals, pharmaceutical chemicals, clean energy, storage and transportation facilities, environmental protection and energy saving, among other industry sectors. The Group is an integrated service provider for the whole industry chain and the whole life cycle in energy and chemical industry and can provide overall industry chain services including engineering consulting, technology licensing, project management contracting, financing assistance, EPC (engineering, procurement and construction) contracting, as well as design, procurement, construction and installation, lifting and transportation of large equipment, precommissioning and start-up.

After nearly 70 years of continuous development, the Group currently has an academician of the Chinese Academy of Sciences, three academicians of the Chinese Academy of Engineering and more than10,000 professionals. The Group has rich project management and implementation experience, and owns and cooperatively owns patents and know-how in core business areas. The Group has delivered on schedule hundreds of modern factories with enormous investment, complicated process, advanced technology and high quality to clients in more than 20 countries and regions around the world, established long-term and steady cooperative relationships with large energy and chemical enterprises at home and abroad, maintained an extensive and stable client base, and enjoys remarkable industrial influence and social reputation.

In the future, adhering to the development orientation of “Integrated Service Provider with Whole Industry Chain and Whole Life Cycle in Energy and Chemical Industry”, the Group will base itself on the energy and chemical engineering construction industry, continuously broaden its business scope and extend its value chain. The Group take “Engineering Innovation” and “Value Creation” as the development engines and deepen the implementation of the six development strategies of “Value-Oriented, Innovation-Driven, Green & Clean, Talent-Based, Globalization-Targeted, Fusion & Symbiosis”. The Group comprehensively improve the level of safe, efficient, green and lowcarbon service in the business chain, and fuel a new momentum in achieving the corporate vision of “building the world’s leading technology-oriented engineering company”.

Disclaimer

This press release includes “forward-looking statements”. All statements, other than statements of historical facts that address activities, events or developments that the Group expects or anticipates will or may occur in the future (including but not limited to projections, targets, other estimates and business plans) are forward-looking statements. The Group’s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond the Group’s control. In addition, the Group makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Investor and Media Enquiries:

SINOPEC Engineering (Group) Co., Ltd. – Office of the Board
Liu Jingjing /Zheng Zhexia
Tel: (86) 10 5673 0523 / (86) 10 5673 0525
Email: seg.ir@sinopec.com

PRChina Limited

Joanne Liu / Jack Liu / Mei Ning
Tel: (852) 2522 1838 / (852) 2522 1368
Fax: (852) 2521 9955
Email: seg@prchina.com.hk

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