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In 2011,a group of major refining & chemicals projects were completed and put into operation, enabling the Company’s primary crude oil processing capacity to be up to 155 million tons. The alternation and expansion of the refining project at Liaoyang Petrochemical were completed for operation, becoming the Company’s 7th ten-million-ton-level refining base. The capacity upgrading of the refining project at Ningxia Petrochemical, and the upgrading of oil products quality at Karamay Petrochemical and Jinzhou Petrochemical were completed and became operational. In addition, the construction of the principal facilities of the refining and ethylene projects at Fushun Petrochemical, which have capacity of 10 million tons and 1 million tons respectively, were completed. The installations for integrated refining & chemicals project at Sichuan Petrochemical and ethylene alternation and expansion project at Daqing Petrochemical came to a closing. Despite of the difficulties in production organization for refining, the Company balanced and optimized the allocation of crude oil resources as a whole, orderly arranged the inspection and maintenance of equipment, and timely adjusted and optimized the product structure with market oriented. As a result, the ratio of high grade gasoline and efficient products rose to 96.7% and 30.5% respectively. For chemicals, with an eye for market demand, the Company optimized the production scheme and increased the production of readily marketable products. Accordingly, the Company produced 3.467 million tons of ethylene and developed the new products in 75 trademarks. Besides, the Company enhanced the full benchmarking with the advanced technologies at home and abroad. Among which, 20 key technical and economic indicators made historical record, and light products yield, ethylene yield and diene yield remained at the leading position in China.

Domestic Refining & Chemical Business