Upon accomplishment of its cost-saving objective over a three-year period, what is the Company going to do to further bring down its costs?
Cost-saving and efficiency enhancement are the two permanent appeals of the company, and must be pursued constantly so as to enhance our competitiveness. Once the Company accomplishes its objective of “cost-saving” in year 2003, the operating costs in cash of the oil Filed, oil Refining, marketing segments and chemical Ethylene will reach US$ 6.04 per barrel, US$ 2 per barrel, RMB 160 per ton and US$ 148 per ton respectively; however, compared to international advanced level, there is still a gap. In the future, the Company will adopt effective measures to bring down its costs on the following fronts: Optimization. To close, stop, merge and transform those low-efficient assets, optimize resources and product flow, and also optimize the storage and transport mode. Technological innovation. To employ new technologies, production techniques, save energy, reduce energy consumption, thus to bring down the costs. Reinforced management practices. To consummate the internal control system, int
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