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President Zhang Wei Paid a Visit to Singapore and Attended the Global Summit of Traders

Date:2017-05-30 Source:Sinochem Group

From May 15 to 19, 2017, The delegation led by Mr. Zhang Wei, President of Sinochem Group, paid a visit to Sinochem Group’s subsidiaries in Singapore, including Sinochem International Oil (Singapore) Pte., Ltd., Sinochem International Singapore, Sinochem Singapore Trade, Halcyon Agri Corporation Limited, and DSP. Mr. Zhang Wei and other delegates also attended the Global Summit of Traders, paid a visit to Jurong Island and met with top executives from institutions and businesses like Temasek Holdings, International Enterprise Singapore, and Sembcorp Group. Among those who also participated with Mr. Zhang Wei in these activities were Mr. Zhong Ren, Assistant President of Sinochem Group and Vice President of the Energy Strategic Business Unit, Mr. Chen Shumin, Vice Chief Accountant of Sinochem Group and Vice President of the Finance Strategic Business Unit, and Mr. Zhang Xuegong, Vice Director of Sinochem Group's Strategy Execution Department.

Mr. Zhang Wei listened to work reports by four Sinochem Group subsidiaries, learned in detail about their situations, including staff members, business, operations, and management innovation, and listened to the suggestions raised by the personnel in charge on how to solve certain problems. Mr. Zhang Wei pointed out that it is vital for the employees of Sinochem Group to engage in careful introspection and give serious thought to the question of how Sinochem Group's internationalization strategy should be pursued while " Belt and Road Initiative" is underway. So is economic globalization. What is our business model? If one business model is adopted, how should we allocate our resources globally? How should we improve our ability in controlling and mobilizing resources? Everyone should be motivated, offering ideas and suggestions centering on creating value and achieving growth targets, said Mr. Zhang Wei. He also said that the headquarters and various business divisions will delegate power so as to create a favorable environment for everyone, so that everyone may be full of passion and make great contributions by making full use of Singapore’s advantageous geographical position.

Mr. Zhang Wei and other members of the delegation also visited Halcyon Agri Corporation Limited, in which Sinochem International has a controlling stake. A meeting was arranged with Mr. Robert Meyer, CEO of Halcyon Agri Corporation Limited, Mr. David Lee, Vice Executive Chairman of the Board of Directors, and other executives to discuss topics like trends in the natural rubber market, outlook on the industry, corporate strategy, and business development, etc.

Mr. Zhang Wei and his delegates also paid a visit to Jurong Island, a highlight of the agenda, to learn from the experience in developing Jurong Industrial Estate. Zhang met with Mr. Neil McGregor, Sembcorp Group President and CEO and other senior Sembcorp executives. Semcorp Group has provided a whole package of facilities and services to the Jurong Industrial Estate. Mr. Zhang Wei also visited some of the businesses located inside the industrial estate, including the Linde Group's Singaporean branch, in a bid to learning experience that could be applied in major projects planned by Sinochem, including the project of Quanhui Petrochemical Park.

To learn from Temasek's operation experience, and speeding up the efforts of transforming Sinochem Group into an investment and holding headquarters, Mr. Zhang Wei and other delegates visited Temasek's headquarters and met with Mr. Wu Yibing, Vice President of Temasek, and other top executives to exchange views on issues, such as Temasek's organizational structure, investment segment, modes of supervision, and prospective cooperation between the two sides, etc.

During his stay in Singapore, Mr. Zhang Wei also attended the Global Summit of Traders, and participated as one of the invited guests in the dialogue with Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore; the dialogue touched on such topics as deglobalization in market glut, bulk commodities trade in the era of innovation. Prior to attending the summit, Mr. Zhang Wei met with officials with International Enterprise Singapore, which sponsored the global summit. During the meeting with Mr. Lee Ark Boon, Director of International Enterprise Singapore, both sides exchanged views on topics like Sinochem Group's new development strategy, business development in Singapore, and corporate income tax rate.