Supervisory Board Chairman for Key Large State-owned Enterprises Xiong Weiping Inspects Malta, Montenegro Projects

From June 1-7, Chairman of the Supervisory Board for Key Large State-owned Enterprises Xiong Weiping and SPIC Chief Accountant Wang Yihua together with a delegation went to Malta and Montenegro to conduct a special research on SEP overseas assets. The inspection team members of the Supervisory Board, as well as SPIC General Office Deputy Director Zhang Jinfeng, SEP Chairman Wang Yundan and CFO Chen Wenhao participated in the inspection.



On June 2, Xiong Weiping went to SEP (Malta) Holding Ltd. (SEPM) to carry out research on overseas assets. Wang Yundan gave a special report on SEP's overseas development strategy, achievements made at the present stage, and the background and development process of Malta energy investment project. Chen Wenhao made a detailed report on SEP's implementation of rectification requirements put forward by the Supervisory Board during its overseas assets inspection in 2016. SEPM General Manager Sheng Baojie reported the practical effect achieved by the company since its international operation in 2015, with detailed explanation on its operation, daily risk control, work safety, decision management process, overseas public relations management, etc. in the past two years.


Having listened to the reports, Xiong fully affirmed SEP's development ideas as the pioneer of SPIC's "corner overtaking" and its strategic layout for overseas development since 2012, and also praised the company's effective implementation of the follow-up work on the special inspection of the Supervisory Board in 2016. He pointed out that the success achieved by SEPM at this stage was based on the guidance and support of SPIC and SEP, and also embodied SEPM's implementation of "treating strivers as the backbone" by SPIC. SEPM's project, featured with "small investment but big influence, small scale but big potential, late comer with good experience", not only received wide attention within SPIC, but also won highly recognition from its partners and local community, which highlighted the overseas brand effect of SPIC and SEP. Xiong expressed that SEP, through a few years of overseas project development practice, has innovated the management model and business model, and established an overseas talent team, which provides reference for the "going global" practice of SPIC. Malta project, despite its small scale, has produced an influence far more than expected, which deserves further summarization and sharing of experience. He hoped SEP to make overall planning and coordination in the next step, consider the capital and human resources allocation of Malta project comprehensively, take SEPM as the platform to establish a progressive development mode like a snowball in European market, and meanwhile carry out public relations management positively, deepen mutual trust and leverage respective advantages together with partners, and continue to make every solid step in overseas development.


Wang Yihua summed up the meeting by expressing thanks to Xiong for affirming SEP and SEPM as well as for his requirements and instructions on SPIC's overseas development. He hoped SEPM to fully leverage its localized strength in the future, cultivate more international talents, further improve the company's management system and mechanism, and realize sustainable development. During his inspection, Xiong visited the dispatching center of Enemalta, D3 Power Generation Limited and the Montenegro wind power project site.


At the dispatching center of Enemalta, Xiong learned that since equity investment in Enemalta, SEP not only brought in capital, but also injected management concept, technology and experience, which greatly increased the management efficiency of the national grid.



At D3 Power Generation Limited, Xiong and his delegation carefully listened to the detailed report on the oil-to-gas conversion project of D3 power plant, and inspected the project site.



At the Montenegro wind power project site, Xiong and his delegation made a field survey on the preliminary project construction progress. Xiong affirmed the achievements made by various business sectors of Malta project so far, and required the project company to keep on with steady project progress.



During his inspection, Xiong also visited Chinese Ambassador to Malta Jiang Jiang and Chinese Ambassador to Montenegro Cui Zhiwei respectively.


The leaders of related SEP departments and subsidiaries also attended the above events.

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