BASF-YPC Company Limited held its grand 2003 Annual Meeting at Nanjing International Exhibition Hall on January 9 evening.

Both old employees who participated the previous two annual meetings and the new recruits marveled at the magnificent scene when they entered the hall. The first annual meeting had only 200-odd participants including IMT staff. 1000 participants for this year show evidence of the flourishing development of our company in the past two years.

Dr.Blumenberg, president of the Company, was evidently well prepared for this event with his traditional Chinese “Tang dynasty” costume and speech starting with welcome in Chinese. The image that Dr.Blumenberg and Chairman Tang Min in western suit jointly toasted the participants is the best footnote for the interculture compatibility of BASF-YPC Company Limited as an internationalized team.

Dr.Blumenberg summarized the work in 2003.

By the end of December 2003, total funds expended reached 62.52% of approved total investment.

·IPS project had been 55.76% overall completed, engineering had been 95.39% overall completed. 94% of equipment purchasing orders had been issued. Purchase and order of major long lead equipment had been in process. Delivery of major equipment and materials started. Project construction had been 56.21% overall completed with key achievements as follows:

·utilities to meet the early requirement s of power plant were ready to use;

·installation of cracker and power plant equipment completed. Commissioning of electrical and instrumental system of power plant started. 35KV electrical system was energized and ready for commissioning;

·installation of process equipment, steel structure and process pipeline in AA/AE, OXO had been widely carried out. The civil works in LDPE and EO/EG had been basically completed and installation started. Syngas and C1 had started civil works.

We made achievements in financing, recruitment and premarketing etc.

In 2004, BYC will arrange its work according to the target date of Mechanical Completion, which is end of this year. Production preparation and startup plan compiling are in progress. Recruitment and training will carry on. Premarketing will be strengthened.

All employees were full of enthusiasm at the end of the annual meeting: we will work better in the new year to make our company more prosperous.