Collaborating with Saudi Arabia and setting an example for the cooperation under the Belt and Road Initiative

2023 marks the 10th anniversary of the Belt and Road Initiative. As a major participant in China's Belt and Road Initiative, Saudi Arabia, endowed with massive oil and gas resources, is a key player in the world's oil and gas industry and a major oil and gas supplier of China. For years, Sinopec has worked to promote the economic development of Saudi Arabia, increase cultural exchanges between the two countries, and promote local people's wellbeing. Also, Sinopec fully supports Saudi Arabian Vision 2030 as well as "Green Saudi Arabian" and "Green Middle East" initiatives, and works to connect China and Saudi Arabia in driving the Belt and Road Initiative.

Diverse cooperation to promote economic transformation

Saudi Arabia is one of the countries with the largest petroleum reserves, output and sales in the world. Leveraging its advantages in integrated operation across the industrial chain, Sinopec actively provides Saudi Arabia's petroleum and petrochemical industries with high-quality petroleum and refining services, and carries out in-depth cooperation with local enterprises, including Saudi Aramco and MAADEN, on oil & gas resources investment, crude oil trade, and technological innovation, to promote the development of both economies. As one of the biggest importers of crude oil produced in Saudi Arabia and the biggest Chinese investor in Saudi Arabia, Sinopec promotes the mutually beneficial cooperation between China and Saudi Arabia, and advances the sustainable development of both countries.

Collaborating with local stakeholders to promote harmony and happiness

Upholding green and safe operation: In compliance with the environmental laws and regulations in the places where it operates, Sinopec pursues green operation, advances the adoption of new technologies, processes and materials, implements efficient management processes, and protects desert species and ocean environment. Sinopec carries out activities like afforestation, eastern area cleaning and coast waste cleaning to improve the ecological environment. Also, Sinopec strengths safety management, pays attention to employees' occupational health and safety, and works to ensure the safe operation of its affiliates and projects in Saudi Arabia. In 2021, the air separation project department of Sinopec Engineering (Group) Co., Ltd. in Jubail, Saudi Arabia was honored for "5 million safe man-hours", becoming a benchmark for responsible operation.

Practicing localized employment: Sinopec continues to increase the proportion of local employees, with some projects seeing over 65% of employees locally employed during peak periods. Sinopec partners with local schools on employment, offering internship and job opportunities for Saudi Arabian students. Sinopec strictly abides by local labor laws and regulations, respects local customs and culture, protects employees' rights, and works for common growth with employees by building a scientific and complete training system and establishing training platforms.

Supporting community development: Sinopec takes active part in the construction of local transport, water transmission and public health projects to improve infrastructures. On a cumulative basis, it has undertaken the construction of 30-plus urban overpasses and channels in Saudi Arabia, contributing to the improvement of local living conditions. Sinopec continues to carry out cultural exchange activities, and gets involved in public welfare undertakings, donating funds to charitable organizations and the "Summer Student Support Program", to advance local education and healthcare and build better communities together.