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Sinopec Corp. Announces 2008 Annual Results

March 29, 2009

BEIJING, March 29 /PRNewswire-Asia-FirstCall/ — China Petroleum &
Chemical Corporation (“Sinopec Corp.” or “the Company”) (HKEX: 386; NYSE: SNP;
LSE: SNP; CH: 600028) today announced its annual results for year ended 31
December, 2008
.

    Financial Highlights:
    -- In accordance with the PRC Accounting Standards for Business
       Enterprises ("ASBE"), the Company's operating income amounted to RMB
       1.452 trillion, representing an increase of 20.52% over 2007. Net
       profit attributed to equity shareholders of the parent company was RMB
       29.69 billion, representing a decrease of 47.47% over the previous year.
       Basic earnings per share was RMB 0.342, down by 47.47%.

    -- In accordance with the International Financial Reporting Standards
       (IFRS), the Company's operating income and other income increased by
       24.19% year on year to RMB 1.502 trillion in 2008. Net profit for the
       period attributed to equity shareholders of the Company was RMB 29.77
       billion, down by 47.34% compared to 2007. Basic earnings per share was
       RMB 0.343, down by 47.34%.

    -- The Board of Directors proposed a final dividend of RMB 0.09 per share,
       making an annual dividend of RMB 0.12 per share.

    -- According to the preliminary calculations, the net profit for the first
       quarter of 2009 will increase by more than 50% compared to the
       corresponding period of the previous year.

    Business Highlights
    -- The Exploration and Production Segment achieved steady growth in its
       oil and gas production, generating an operating profit of RMB 66.6
       billion, an increase of 36.5% year on year. The addition of proved
       reserve of oil and gas this year reached 267.6 million barrels of oil
       equivalent.

    -- The Refining Segment incurred an operating loss of RMB 61.5 billion,
       due to volatile oil prices in the international market and the strict
       domestic price control of refined oil products.

    -- The Marketing and Distribution Segment enhanced its sales network,
       improved the marketing structure by significantly increasing the
       proportion of retail sales so as to meet the growing domestic demand
       for refined oil products. The Company generated an operating profit of
       RMB 38.2 billion, an increase of 6.9% year on year.

    -- The Chemicals Segment incurred an operating loss of RMB 13.1 billion,
       due to a slump in demand for chemical products in addition to a sharp
       price drop in the international markets during the fourth quarter.

    -- In 2008, the Company reduced costs by RMB 3.964 billion as measures
       were taken to cut crude oil procurement and transportation costs,
       reduce consumption of energy and material inputs in the production
       process, and optimise the allocation of resources.

Mr. Su Shulin, Chairman of Sinopec, commented, “In 2008, we experienced
extreme volatility in the international crude oil prices, stringent control on
the pricing of domestic oil products, and significant changes in the demand
for domestic refined oil products. In addition, both the demand and prices of
petrochemical products plummeted harshly. Since July 2008, the international
financial crisis has extended quickly to the real economy. Facing these
unprecedented challenges, the Company proactively adjusted its business
strategies and capitalised on its strengths to reinforce management, increase
efficiency, develop its technological innovation, and enhance its control of
safety, energy conservation and emissions. In 2008, we successfully reduced
costs by RMB 3.964 billion. With concerted efforts from the management and
staff, we have come through the market challenges strongly and accumulated
valuable experiences for our future development.

Mr. Su Shulin continued, “Despite the difficult market environment in both
domestic and international markets in 2009, we see favourable opportunities.
Firstly, the Chinese government’s economic stimulus policies have created
opportunities for the Company to expand the market of refined oil and
petrochemical products. Secondly, the improved pricing mechanism for refined
oil products will help the Company’s refining segment to turn around the loss
it suffered in the past years, regain its position as a major revenue
contributor and boost our overall profitability. Moreover, in order to
strengthen upstream assets, the Company is looking into capturing strategic
opportunities in overseas upstream oil and gas assets.”

PRINCIPAL FINANCIAL DATA AND INDICATORS

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH THE PRC
ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (“ASBE”)


                             For the years ended 31 December
    Items             2008                 2007            Change     2006
    RMB Millions                as restated* as previously   (%)
                                               reported
    Operating
     income         1,452,101    1,204,843    1,204,843     20.52   1,061,669
    Profit
     before
     taxation          24,226       83,434       82,911    (70.96)     76,305
    Net profit
     attributable
     to equity
     shareholders
     of the
     Company           29,689       56,515       54,947    (47.47)     52,625
    Net profit
     attributable
     to equity
     shareholders
     of the
     Company
     before
     extraordinary
     gain and loss     29,820       56,551       49,622    (47.27)     54,332
    Net cash
     flow from
     operating
     activities        74,883      124,250      124,250    (39.73)     98,870

                             For the years ended 31 December
    Items             2008                 2007              Change     2006
    RMB Millions                as restated* as previously     (%)
                                               reported
    Total assets    752,235       729,863        718,572       3.07    613,627
    Shareholders'
     equity
     attributable
     to equity
     shareholders
     of the
     Company        330,080       308,045        300,949       7.15    264,910

                                For the years ended 31 December
    Items                  2008             2007               Change    2006
    RMB Millions                   as restated* as previously    (%)
                                                  reported
    Basic earnings per
     share                 0.342       0.652        0.634      (47.47)   0.607
    Diluted earnings
     per share             0.302       0.652        0.634      (53.68)   0.607
    Basic earnings
     per share
    (before
     extraordinary
     gain and
     loss)                 0.344       0.652        0.572      (47.27)   0.627
    Fully diluted
     return on net
     assets (%)             8.99       18.35        18.26       (9.36)   19.87
    Weighted average
     return on net
     assets (%)             9.24       19.64        19.52      (10.40)   21.47
    Weighted average
     return on net
     assets (%)             9.03       18.36        16.49       (9.33)   20.51
    Weighted average
     return (before
     extraordinary
     gain and loss)
     on net assets (%)      9.28       19.65        17.63      (10.37)   22.17
    Net cash flow
     from operating
     activities per
     share                 0.864       1.433        1.433      (39.73)   1.140

                                For the years ended 31 December
    Items                  2008             2007               Change    2006
    RMB Millions                   as restated* as previously    (%)
                                                  reported
    Net assets
     attributable to
     equity shareholders
     of the Company
     per share            3.807       3.553        3.471        7.15     3.055

    * The Company retrospectively adjusted the financial data in accordance
      with the China Accounting Standards for Business Enterprises Bulletin
      No.2 issued by the Ministry of Finance.

FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS PREPARED IN
ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”)


    Items                        2008          2007      Change (%)    2006
    RMB Millions

    Operating profit            28,123        85,864       (67.25)    80,632
    Profit attributable
     to equity
     shareholders of
     the Company                29,769        56,533       (47.34)    53,603
    Basic earnings per
     share (RMB)                 0.343         0.652       (47.34)     0.618
    Diluted earnings per
     share (RMB)                 0.303         0.652       (53.53)     0.618
    Return on capital
     employed (%)                  5.3          12.0         (6.7)      12.8
    Net cash generated
     from operating
     activities per
     share (RMB)                 0.781         1.379       (43.36)     1.067

    * Return on capital employed = operating profit x (1 - income tax
      rate)/capital employed

    Items                        2008          2007      Change (%)    2006
    RMB Millions

    Total assets               767,827       732,725        4.79     610,832
    Shareholders' equity
     attributable to
     equity  shareholders
     of the Company            328,669       307,433        6.91     264,334
    Net assets per share
     (RMB)                       3.791         3.546        6.91       3.049
    Adjusted net assets
     per share (RMB)             3.699         3.466        6.72       2.976

    SEGMENTAL FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS
PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
("IFRS")

                                         Year End December 31         Change
                                           2008         2007            (%)
                                              RMB Millions
    Exploration & Production Segment
        Operating Income                  196,501      145,667          34.9
        Operating Cost                    129,932       96,901          34.1
        Operating Profit                   66,569       48,766          36.5
    Refining Segment
        Operating Income                  859,083      658,849          30.4
        Operating Cost                    920,621      669,301          37.5
        Operating Profit / (Loss)         (61,538)     (10,452)           --
    Marketing & Distribution Segment
        Operating Income                  817,038      665,791          22.7
        Operating Cost                    778,829      630,064          23.6
        Operating Profit                   38,209       35,727           6.9
    Chemicals
        Operating Income                  241,091      240,689           0.2
        Operating Cost                    254,193      227,383          11.8
        Operating Profit                  (13,102)      13,306            --
    Corporate & Others
        Operating Income                  734,751      456,830          60.8
        Operating Cost                    736,766      458,313          60.8
        Operating Profit / (Loss)          (2,015)      (1,483)           --

Market Environment and Business Review

In 2008, crude oil price experienced extreme volatility in the
international markets while the domestic refined oil market experienced
drastic changes from a supply shortage driven by a surge in demand in the
first three quarters to oversupply as a result of the drop in demand growth in
the fourth quarter. Domestic demand for chemical products recorded negative
growth and in the second half of 2008, the worsening international financial
crisis started to affect the real economy, weakening the demand for chemical
products. As a result, the prices of chemical products plunged in the
domestic and international markets.

Confronted with historically high crude oil prices in the international
markets and tight domestic price controls, the Company adjusted its business
strategy accordingly, enhancing precision management, reducing cost and
increasing efficiency to guarantee stable supply of oil products in the
domestic market and maintain steady business operations.

Production and Operation

Exploration and Production

In 2008, the Company invested RMB 57.65 billion into implementing the
strategy of expanding oil and gas resources. In exploration, the Company made
significant breakthroughs in such regions as northeastern Sichuan, Tahe and
the matured fields in eastern China. The Company added 267.6 million barrels
of oil equivalent to its proved reserves of oil and gas. The Sichuan-Eastern
China Gas project progressed on schedule and the construction of the Songnan
gas field is on track. Meanwhile, the production capacity building in key
areas has been strengthened and the development scheme of reserve through
enhanced efforts in developing marginal reserves has been optimised, resulting
in a steady increase in oil and gas production. While the output of crude oil
in the matured eastern blocks remained stable, the production in the newly
developed western fields accelerated. Newly added crude production capacity
for 2008 is 5.8 million tonnes/year and the newly added production capacity of
natural gas is 1.334 billion cubic meters/year.

The output of crude oil was 41.8 million tonnes and the output of natural
gas was 8.3 billion cubic meters, an increase of 1.8% and 3.7% respectively
from the previous year. Operating income for this segment grew 34.9% to RMB
196.5 billion
, and operating profit increased 36.5% to RMB 66.6 billion, as a
result of the rise of crude and gas sale prices and the growth in volume, as
well as effective measures to control operating expenses.

    Exploration and Production
                                         2008      2007      2006     Changes
                                                                     07-08 (%)
    Crude Oil Production (mmbbls)       296.8    291.67    285.19        1.8
    Natural Gas Production (bcf)        2,931     2,826     2,565        3.7
    Newly-added proved reserve of
     crude oil (mmbbls)                   114        21       286      442.9
    Newly-added proved reserve of
     natural gas (bcf)                  9,216    37,567     1,615      (75.5)
    Proved reserve of crude oil
     (mmbbls)                           2,841     3,024     3,295       (6.1)
    Proved reserve of natural gas
     (bcf)                             69,593    63,308    28,567        9.9
    Proved reserve of oil and gas
     (mmboe)                            4,001     4,079     3,771       (1.9)

    Note: Crude oil volume is converted at 1 tonne to 7.1 barrels, and gas
          volume is converted at 1 cubic meter to 35.51 cubic feet

Refining Segment

In 2008, the oil price fell by more than USD100/bbl after it peaked in
July. The average Platt’s Spot Price was USD97/bbl, an increase of 33.8% from
the previous year. The Company was under pressure from both meeting domestic
market demand and suffering huge losses as a result of the government’s strict
price control over oil products. Despite the difficulties, the Company
managed to meet domestic demand for refined products, by keeping refinery
facilities running at full capacity, accelerated the startup of newly-
constructed and revamped facilities and adjusted the product mix to increase
the proportion of gasoline and diesel. As a partner of the 2008 Beijing
Olympic Games, the Company took the lead to supply Guo IV grade clean fuel,
matching the demand from the hosting cities during the Games.

The Company processed 169 million tonnes of crude oil, representing an
increase of 4.5% over the previous year; and produced 105.86 million tonnes of
refined products, up 9.4% from the previous year. Even though sales volume
across various refined oil products grew in the year, the sales price remained
under strict regulatory control resulting in an operating income increase of
30.4% over the previous year to RMB 85.91 billion.

The Company adhered to the strategy of optimising and diversifying crude
oil sources, to reduce the purchasing cost. The Company fully leveraged on
the crude oil pipeline transmission capacity, improved allocation and
transportation of crude oil, thus reduced transportation and storage costs.
It tapped its refineries’ potentials in processing high-sulphur, high-acid or
heavy crude and accelerated the revamp of facilities to take in different
grades of crude. The Company strengthened management and optimised its
process, and increased light products yield and refinery yield even with
low-grade crude oil. Responsive to market changes for high-value-added
products, it upgraded the quality of gasoline and diesel, and adjusted the
product mix. The Company invested a total of RMB 12.49 billion in the
above-mentioned technological revamp and product upgrading.

Due to the spiralling crude prices on the international market during 2008,
the refining segment incurred a loss in gross profit, in addition operating
expenses of RMB 920.6 billion jumped 37.5% year on year. Despite government
subsidies of RMB 40.5 billion, it recorded an operating loss of RMB 61.5
billion
, up RMB 51.1 billion from the previous year.


    Summary of Operations of Refining Segment

                                  2008        2007        2006       Changes
                                                                    07-08 (%)
    Crude oil throughput
     (thousand barrels/day)     3,399.0     3,132.9     2,946.5          8.5
    Gasoline, diesel and
     kerosene production
     (million tonnes)            105.86       93.09       87.21         13.7
    Of which: Gasoline
     (million tonnes)             29.09       24.69       23.00         17.8
    Diesel (million tonnes)       68.78       60.08       57.86         14.5
    Kerosene (million tons)        7.99        8.32        6.35         (4.0)
    Light chemical feedstock
     (million tonnes)             22.99       23.47       22.74         (2.0)
    Light products yield (%)      74.80       74.48       74.75         0.32
    Refinery yield (%)            94.07       93.95       93.47         0.12

    Note: Refinery throughput is converted at 1 tonne to 7.35 barrels

Marketing and Distribution Segment

In 2008, the Company actively adapted itself to changes in the market.
Supply in the first three quarters of 2008 was particularly tight, and the
Company collected resources through various channels such as outsourcing and
imports to increase oil products supply and ensured sufficient supply to the
domestic market during periods of disaster relief, the agricultural peak
season, and the Beijing Olympic Games. By doing so, the Company made
important contributions to China’s economic and social development. In 2008,
the Company sold 123 million tonnes of refined oil product, an increase of
3.0% from the previous year. The operating income for this segment was RMB
817.0 billion
, a 22.7% increase year on year.

The Company improved the marketing structure and greatly increased the
proportion of retail sales. It also fully utilised the existing logistics
system and increased the utilisation of pipeline transportation to reduce
freight costs. Efforts have also been made in improving the service function
of the service stations, improving the service quality, facilitating the
renovation of the service stations, encouraging the use of IC cards, and
expanding the non-fuel business. Throughput per station has increased
steadily. The Company invested RMB 14.15 billion in strengthening its sales
network, building, acquiring and revamping a number of depots and 720 service
stations. However, due to growing cost in refined products procurement cost,
its operating expenses jumped 23.6%, slightly higher than the growth rate of
the operating income. After taking into account the subsidy of RMB 9.8
billion
from the government, the Company posted an operating profit of RMB
38.2 billion
, up 6.9% from the previous year.


    Summary of Operations of Marketing and Distribution Segment

                              2008         2007        2006         Changes
                                                                   07-08 (%)
    Total domestic sales
     volume of refined
     oil products (million
     tonnes)                 122.98       119.39      111.68           3.0
    Of which: Retail
     volume (million
     tonnes)                  84.10        76.62       72.16           9.8
    Direct sales volume
     (million tonnes)         19.63        20.17       18.95          (2.7)
    Wholesale volume
     (million tonnes)         19.25         22.6       20.57         (14.8)
    Total number of
     stations                29,279       29,062      28,801           0.7
    Of which: Number of
     Company-operated
     service stations        28,647       28,405      28,001           0.9
    Number of franchised
     service stations           632          657         800          (3.8)
    Average annual
     throughput
     per station
     (tonne/station)          2,935        2,697       2,577           8.8

Chemicals Segment

In 2008, the Company adopted a flexible strategy for the changing market,
optimised its allocation of materials and production scheme, and through
strengthening the connection among production, sales and research, and the
management of marketing, the Company adjusted its production volume according
to the market demand. The Company strengthened management of sales and
marketing, fully utilised its advantages in centralised marketing of chemical
products, to optimise regional markets and rationalise allocation of resources.
It enhanced precision management, improved efficiency of facilities in
operation and ensured production safety. It also adjusted production in
accordance with market needs.

In 2008, the Company focused on the production of basic organic chemicals,
synthetic fibre monomer and polymer, synthetic resin, synthetic fibre,
synthetic rubber and fertilizer, and posted RMB 241.1 billion in operating
income, almost the same as the previous year. Due to the increasing
consumption of raw and auxiliary materials, plus price hikes of certain items,
purchasing and operating expenses increased 11.8%, leading to an operating
loss of RMB 13.1 billion in the year 2008.


    Summary of Production of Major Chemical Products

    Unit: thousand tons
                                   2008       2007        2006        Changes
                                                                     07-08 (%)
    Ethylene                      6,289      6,534       6,163          (3.7)
    Synthetic resin               9,590      9,660       8,619          (0.7)
    Synthetic rubber                834        800         668           4.3
    Synthetic fibre monomer
     and polymer                  7,264      8,018       7,242          (9.4)
    Synthetic fibre               1,260      1,417       1,502         (11.1)
    Urea                          1,649      1,565       1,609           5.4

R&D and Energy Conservation

In 2008, in order to meet the requirements of production and operation,
the Company successfully developed a number of new technologies. The Company
has developed technological systems such as the development of the Puguang gas
field and the development of the carbonate reservoir. These developments
supported reserve and production capacity buildup while reducing cost and
increasing efficiency. Clean fuel production technologies such as gasoline
selective desulphurisation and diesel hydro fining, and the complete
technologies of caprolactam have been successfully commercialised. The pilot
tests on producing oil from synthetic gas and bio-diesel have been completed,
giving a solid foundation for developing new energies. Significant progress
has been achieved in the application of water injection technology in major
oil fields, large-scale ethyl benzene and isopropyl benzene production. The
application of forecast technology on deep-level carbonate reservoir and
technologies on styrene have achieved prominent results. A breakthrough has
been made on the operation technologies of coal gasification. The Company
developed and produced a number of new products to meet market needs. The
Great Wall special lubricant was successfully used on the Shenzhou-VII
spacecraft, and polyethylene resin was used in the drinking water pipeline of
the life-support system in the space suits. In 2008, the Company applied for
918 domestic patents and was granted 572. The Company applied for 225 foreign
patents and was granted 173.

In 2008, the Company maintained its stable and safe production and made
remarkable achievements in energy saving and emission reductions. The Company
continued to improve the HSE management system, enhanced production safety and
environmental protection rules, implemented safety and environment
responsibilities at all levels and increased awareness of safety and
environment protection among all employees. Energy intensity for the year
reduced by 5.2%; the industrial water consumption decreased by 3.6%; Chemical
Oxygen Demand in waste water dropped by 4.3%; and the recycling rate of
industrial water stayed over 95%.

Business Prospect

Looking into 2009, the persistent and widespread international financial
crisis has exerted significant influence on domestic and global oil and
chemical markets. Influenced by falling demand, the international oil prices
are expected to fluctuate at a relatively low level for a certain period. The
demand growth for refined oil products in the domestic market is expected to
slow down. Due to the combined pressure of slower economic growth and a
downward cyclical trend, the chemicals business will be facing more
challenging situations.

Under the difficult market environment, we also see favourable
opportunities ahead. Despite a global economic slowdown, the growth of the
Chinese economy is only partially influenced and the Chinese economic
fundamentals will remain unchanged where the basic domestic demand for oil and
petrochemical products will remain robust. The Chinese government has taken
proactive fiscal and easy monetary policies, undertaking a series of measures
aiming to expand domestic demand and promote economic growth. The improved
pricing mechanism for refined oil and petrochemical products will enable the
refining business to turn around the losses over the years, regain its
position as a major revenue contributor and boost our overall profitability,
fully capitalizing on its economies of scale and management expertise.

As the market condition changes in 2009, the Company will continue to
undertake flexible operational strategies, further strengthen efficiency
management, carefully organise production, attach importance to the safety of
production, reduce material and energy consumption and focus on the following
areas:

In exploration, the Company will strengthen its comprehensive research
into geology and increase investment, especially in the geophysical
exploration. The Company will steadily increase the recovery rate and the
output of single well, maintain stable increase in the production of oil and
gas while firmly control development and operating costs. In development of
natural gas, we will place emphasis on ensuring commence of production in the
Puguang and Songnan gas fields, strengthening the development of natural gas
market, the construction of natural gas pipelines, to facilitate sales and
reliable supply. In 2009, the Company plans to produce 42.4 million tonnes of
crude oil and 10 billion cubic meters of natural gas.

Responding to the demand changes in the refined oil products and chemical
feedstock markets, the Company will operate for maximum profitability and
optimise its production scheme, ensuring coordination between upstream and
downstream operations, make efforts to reduce the purchasing costs of crude
oil, further adjust product mix, increase the output of high value-added
products such as LPG, lubricants and asphalt and formulate a flexible
marketing strategy to steadily improve market competitiveness. In 2009, the
Company plans to process 184 million tonnes of crude oil and produce 115
million tonnes of refined oil products.

The Company will rapidly respond to market changes and continue to explore
and improve service quality to bolster customer loyalty and expand retail
sales. The Company will strive to expand direct sales according to market
changes. In addition, it will reinforce improvement of logistics for oil
products and management of distribution to enhance the capability of the
logistics in ensuring supply of products and reduce costs. Moreover, the
Company will enhance internal management to reduce various expenses related to
distribution of oil products. Non-fuel business will be actively promoted and
self service stations will be promoted further. In 2009, the Company plans
125 million tonnes of domestic sales of oil products.

The Company will continue its technological partnership with key
industries and key users. It will take full advantage of its geographic
spread and economies of scale, formulating flexible marketing strategies for
various products and expand market with greatest efforts. The Company will
optimize product mix and deploy new products in accordance with market demand.
The Company will optimise the resource allocation and utilisation of light
chemical feedstock, light hydrocarbon from gas fields and natural gas, in
order to maximise overall profitability. In 2009, the Company plans to
produce 6.83 million tonnes of ethylene.

The total planned capital expenditure and cost saving program for 2009 are
RMB 111.8 billion and RMB 2.8 billion respectively.

In light of the challenging global and domestic environment in the coming
year, the Company will continue to craft its strategy responding to market
changes. Over years of development, the Company’s business operation, asset
quality, industrial structure and profitability have reached a new level with
a reinforced capability to defend risks. These strengths and advantages will
enable us to grasp opportunities amid challenges, achieving sustainable and
effective development.

About Sinopec Corp.

Sinopec Corp. is the first Chinese company that has been listed in Hong
Kong
, New York, London and Shanghai. The Company is an integrated energy and
chemical company with upstream, midstream and downstream operations. The
principal operations of Sinopec Corp. and its subsidiaries include: exploring,
developing, producing and trading crude oil and natural gas; processing crude
oil into refined oil products; producing, trading, transporting, distributing
and marketing refined oil products; and producing and distributing chemical
products. Based on 2007 turnover, Sinopec Corp. is the largest listed company
in China. The Company is one of the largest crude oil and petrochemical
companies in China and Asia. It is also one of the largest gasoline, diesel
and jet fuel and other major chemical products producers and distributors in
China and Asia.

For additional information about Sinopec Corp., please visit the Company’s
website at http://www.sinopec.com .

    For more information, please contact:

    Investor Inquiries:               Media Inquiries:
    Beijing
     Tel:   +86-10-6499-0060           Tel:   +86-10-5996-0028
     Fax:   +86-10-6499-0022           Fax:   +86-10-5996-0386
     Email: ir@sinopec.com.cn          Email: media@sinopec.com

    Hong Kong
     Tel:   +852-2824-2638              Tel:   +852-3512-5000
     Fax:   +852-2824-3669              Fax:   +852-2259-9008
     Email: ir@sinopechk.com            Email: sinopec@brunswickgroup.com

Disclaimer

This press release includes “forward-looking statements”. All statements,
other than statements of historical facts that address activities, events or
developments that Sinopec Corp. expects or anticipates will or may occur in
the future (including but not limited to projections, targets, reserve volume,
other estimates and business plans) are forward-looking statements. Sinopec
Corp.’s actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of various factors
and uncertainties, including but not limited to the price fluctuation,
possible changes in actual demand, foreign exchange rate, results of oil
exploration, estimates of oil and gas reserves, market shares, competition,
environmental risks, possible changes to laws, finance and regulations,
conditions of the global economy and financial markets, political risks,
possible delay of projects, government approval of projects, cost estimates
and other factors beyond Sinopec Corp.’s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today and
undertakes no obligation to update these statements.

SOURCE China Petroleum & Chemical Corporation


Source: newswire



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