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C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement

C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement. April 29, 2002. Table of Contents. First Quarter Results Overview Review of First Quarter Operations Second Quarter Production Plan. First Quarter Results Overview. Market Environment Overview.

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C hina Petroleum & Chemical Corporation 2002 First Quarter Results Announcement

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  1. China Petroleum & Chemical Corporation 2002 First Quarter Results Announcement April 29, 2002

  2. Table of Contents • First Quarter Results Overview • Review of First Quarter Operations • Second Quarter Production Plan

  3. First Quarter Results Overview

  4. Market Environment Overview • January and February: a) realized crude oil price remained low, lower ex-work price of refined products made refining margins compressed; b) refined oil products realized in wholesale market remained low; c) part of the high cost inventory was written-down; and d) petrochemical market still at cyclical low • March: a) significant recovery in crude oil price; b) increased ex-work price of refined products make refining margin improved; c) refined oil prices significantly improved; and d) petrochemical product prices began to recover

  5. International Crude Oil Price —Significant Recovery in March International Crude Oil Price

  6. International Refined Oil Products Price Significantly Lower than 2001Q1 Singapore Refined Oil Products Price

  7. Crude Oil Realized Price, Prices of Refined products 2001 4Q Unit: RMB Yuan/t 2002 1Q Change （%） Crude oil realized price 1010 1154 -12.5 Ex-work price of gasoline 1850 2466 -25.0 Gasoline benchmark retail price 2396 2761 -13.2 Ex-work price of diesel 1741 2385 -27.0 Diesel benchmark retail price 2122 2469 -14.0 Note: all the prices above excludes taxes

  8. Domestic Petrochemical Market Still at Cyclical Low

  9. Financial Highlights PRC AccountingRules & Regulations International Accounting Standards (RMB 100MM) Turnover & other 660 operating revenues Operating profit 16.12 Profit attributable to 5.42to shareholders Income from 630principal operations Profit from principal 86.31 operations Net profit 1.02

  10. Review of First Quarter Operations

  11. E & P Unit 2002 1Q 2001 1Q YoY D (%) Crude Oil Production 10,000 tonnes 928.26 925.46 0.30 Natural Gas Production MM m3 1,183 1,083 9.23 Crude Oil Realized Price RMB / tonne 1,010 1,387 -27 Natural Gas Realized Price RMB / ’000 m3 610 600 1.67

  12. Refining Unit 2002 1Q 2001 1Q YoY D (%) Crude Oil Processed 10,000 tonne 2,394 2,423 -1.20 Gasoline Production 10,000 tonne 424 458 -7.21 Diesel Production 10,000 tonne 883 842 4.77 Fuel Oil Production 10,000 tonne 103 107 -3.74 Yield for Light Stream % 72.66 71.31 135bps Refining Yield % 91.79 90.09 170bps

  13. Marketing Unit 2002 1Q 2001 1Q YoY D (%) Domestic Sale ofRefined Oil Products 10,000 tonne 1,734 1,536 12.89 10,000 tonne Wholesale 601 634 -5.20 10,000 tonne Distribution 338 210 61.0 10,000 tonne Retail 794 692 14.7 Total Number ofGas Stations unit 28,291 25,746 9.9 Note：Total Number of Gas Stations Includes Franchised Stations

  14. Petrochemicals 2002 1Q 2001 1Q YoY D (%) Unit: 10,000 tonne Ethylene 58.26 58.14 0.21 Synthetic Resin 88.15 82.09 7.38 Monomers & Polymers forSynthetic Fiber 92.91 96.68 -3.90 Synthetic Fiber 27.51 25.15 9.38 Synthetic Rubber 10.97 8.83 24.24 Urea 72.81 37.26 95.41

  15. Second Quarter Production Plan

  16. Market Environment Expected in 2Q • China’s GDP reached 7.6% in 1Q, expected sustained development in 2Q; • Significant increase expected in crude oil price, refined products price; • Marketing order getting better; • Chemical price continue to improve.

  17. Second Quarter Production Plan 2002Q2 Plan 2002Q1 Actual Unit Crude Oil Production MM tonne 9.48 9.28 Natural gas production Bn m3 1.13 1.18 Crude processed volume MM tonne 26.24 23.94 Domestic sales volume for refined oil products MM tonne 17.70 17.34 Ethylene Production 1,000 tonne 663.3 582.6

  18. For Further Information http://www.Sinopec.com Investor’s relation Tel: (8610) 64990066 Fax: (8610) 64990067 Email: ir@Sinopec.com Media Inquiry Tel: (8610) 64990064 Fax: (8610) 64990065 Email: media@Sinopec.com

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