YCF Awarded Advanced Unit of Sinopec Group Efficiency Supervision

At the meeting for promotion of China Petrochemical Corporation (Sinopec Group)'s efficiency supervision on October 22, YCF was awarded the title of "Advanced Unit of Sinopec Group Efficiency Supervision", with its "Efficiency Supervision of Maintenance Fee Management" appraised as the "Excellent Project of Sinopec Group Efficiency Supervision" and two comrades receiving the honored title of "Advanced Individual of Sinopec Group Efficiency Supervision".

YCF's party-government group, especially major leaders, attach great importance to the efficiency supervision and work on key projects in person, which has vigorously propelled the development of the work. Facing the current fierce competition in the polyester market, its party-government group kept a close eye on the market and listed internal affairs as the top priority, making the cost reduction, potential discovery and efficiency enhancement the key work in the efficiency supervision.

In on the development of the efficiency supervision project of "Maintenance Expense Management", YCF, in response to the new requirements following the separation of the equipment management function from the Overhaul & Maintenance Center and the implementation of specialized management, established and perfected related policies including the "Implementation Methods of Bid Inviting & Bidding for Equipment Overhaul Projects", the "Management Methods of Outward Entrustment of Equipment Overhaul Projects" and the "Temporary Measures of Auditing and Settlement Management of Overhaul Costs".

Therefore, a complete set of management systems for projects from the examination and approval, organization and implementation to settlement and supervision was taken into shape.

YCF regards the in-depth development of the efficiency supervision as an effective means for increasing the efficiency of production and operation, promoting enterprise reform adjustment and improving YCF's internal supervision and restriction mechanism. By carrying out the effective efficiency supervision, YCF established 43 projects in the past four years, gaining benefits of RMB117,325,500. This has contributed actively to the enhancement of the Party construction of a clean government as well as to the promotion of stable development of YCF's reform.

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