On May 5, 2023, Zhengzhou Commodity Exchange (hereinafter referred to as “ZCE”) officially approved Sinochem Petrochemical Distribution Co., Ltd. (hereinafter referred to as “Sinochem Petrochemical Distribution”) as the designated methanol delivery warehouse of the Exchange. Sinochem Petrochemical Distribution would be able to conduct methanol futures delivery business starting from June 1, 2023. This designation will further enhance Sinochem Petrochemical Distribution’s influence and market pricing power in methanol sales, promote synergy for the smooth operation of the methanol business, and better manage and control the risks associated with methanol spot operations and inventory.