Joint Venture Projects

Exploration & Production: In 2007, E&P joint venture and cooperation projects in China developed smoothly. As for the project of Chengdaoxi Block in Bohai Bay with EDC, a supplementary development scheme of Chengdaoxi Block A has been prepared and delivered to the Chinese government for approval. EOR project for Shengli Zhuangxi Ancient Buried Hill Oilfield with Genting Group of Malaysia has generated good results. The Company extended preliminary research on Coal-bed Methane and exchanged views with many multi-national companies.

Refining & Chemical:

Fujian integrated refining, chemical and marketing project, co-operating with ExxonMobil and Saudi Aramco, achieved significant breakthrough. The Manufacturing JV and Marketing JV for Fujian were established; Joint venture was established with DuPont to produce 60,000 tpa EVA production; PO/SM joint venture established at ZRCC with Lyondell is in full swing; Joint venture contract with Air Liquide Group on Tianjin ethylene air separation was signed and went smoothly. A number of projects including Tianjin ethylene project with Sabic and Wuhan ethylene project with SK have achieved progress with Letters of Intent signed; Framework Agreement was signed with BASF for BYC expansion; MOU was sighed with BP for Sichuan Vinylon Works' 650,000 tpa acetic acid project.

Refined Oil Products Retail:

Sinopec-Shell (Jiangsu) Petroleum Marketing Co., Ltd., Sinopec-BP (Zhejiang) Petroleum Co., Ltd. and Sinopec SenMei (Fujian) Petroleum Co. Ltd. are running smoothly, and the related retail stations have been incorporated into these JVs.