On August 24, 2020, Vice President Xie Zheng of the Company visited Harbin for a visit and exchange with leaders of the Heilongjiang Transportation Investment Group (Longjiang Transportation Investment).

Longjiang Transportation Investment Chairman Shang Yunlong extended a warm welcome to Mr. Chen and his delegation. The two sides held in-depth discussions on the Amur-Heihe border oil storage, transportation, and refining complex project. At the meeting, Mr. Chen stated that the oil industry is crucial to the national economic lifeline and benefits both the nation and its people. Heihe and its partners are very interested in investing and are confident in bringing this project to fruition in Heihe.

Chairman Shang Yunlong emphasized that Heihe, situated across the Amur River from the Amur River, enjoys a geographical advantage and its industry is in line with national policies. Leveraging the comprehensive petrochemical industry chain of Daqing Oil in the province, Heihe is poised for expansion and growth, and Longjiang Investment will actively participate. All imported domestic oil products (3 million tons/year of naphtha and 1.8 million tons/year of diesel fractions) from the complex project will be transported to the Xinghua Industrial Park in Daqing's High-tech Zone. This will provide 1.5 million tons of ethylene, 600,000 tons of propylene, and a large amount of chemical raw materials such as C4 and benzene to the Xinghua Chemical Industrial Park in Daqing, laying a solid raw material foundation for the development of Daqing's "oil-to-chemical" industry. Annual sales revenue is expected to exceed 30 billion yuan, increasing tax revenue by approximately 3.8 billion yuan.

Also attending the meeting were Dong Lingsan, Deputy General Manager of Longjiang Communications Investment Group; Fang Ruyi, Deputy Secretary of China National Chemical Engineering Group; Fan Jiangang, Chairman of Changshu Fengfan Electric Power Equipment Co., Ltd.; Zhang Jing, Managing Director of Menglan Xinghe Energy Co., Ltd.; and officials from the Heilongjiang Liaison Office in Beijing.