In 2024, the Company successfully implemented 53 key projects, with 25 refining and chemical units, 2 oil and gas storage/transport facilities, and 1 oilfield surface engineering project completed and commissioned. Key projects achieved 89.45 million safe man-hours for the year and a cumulative 350 million safe man-hours on stream, setting a new record. Annual engineering quality targets were fully met, with the first-pass welding qualification rate for critical pipelines reaching 97.7% (up 1.5 percentage points), the highest level to date.

For oil and gas projects,  we kept a leading position among central SOEs in advancing projects such as Lianyungang and Hainan commercial storage bases. We also completed targets for Longkou LNG and Shandong East Gas Pipeline projects. Full scale construction was realized on the Hongxing Jiannan Surface Engineering, Daniudi Ethane Recovery, and Ordos Wind-Solar-Hydrogen Integration projects.

For refining and chemical projects,  we commissioned the Tianjin Nangang Ethylene Project, had mechanical completion of Zhenhai's 11 million-tonne/year refinery and high-end synthetic materials project and started production of the Yizheng 3 million-tonne/year PTA plant. Besides, the catalyst subsidiary's Tianjin New Materials Base and BRICI Tianjin Testing Base began operations. We also saw smooth progress in the other ongoing projects such as Maoming's Refining Upgrade and Ethylene Revamp, Guangzhou Petrochemical's Safety and Green Transformation, Qilu Petrochemical's Refining Project, Shijiazhuang's Green Transition, and Shanghai Petrochemical's Clean Efficiency Improvement of Thermal Power Units.

For new materials and R&D projects,  the Sichuan Vinylon's EVOH Plant and Hubei Petrochemical (Jingrui) IPA Project commenced production. Tianjin Petrochemical LNG Phase III (integrated with Tianjin Nangang Ethylene) was commissioned, pioneering cold energy coupling utilization between LNG and ethylene facilities in China. Mechanical completion was achieved for Maoming Petrochemical's POE Plant and Tahe's Waste Plastic Pyrolysis Project. In addition, we advanced progress in YPC's Slurry PE Pilot Plant, Sichuan Vinylon's PVA Optical Film Phase II, Maoming Petrochemical's Ethylene Tetramer-to-1-Octene Plant. The Shanghai Pudong R&D Base was completed and operational.