Sinopec Corp. to Strengthen Oil Products Business   

China Petroleum & Chemical Corporation (Sinopec Corp., SH: 600028, HK: 0386) announces its Board of Directors has agreed to acquire from China Petrochemical Corporation (Sinopec Group) the 100% state-owned equity in Sinopec Hangzhou Oil Refinery; the 59.47% state-owned equity in Yangzhou Petrochemical Plant and the 75% interest under the joint venture contract of Zhanjiang Dongxing Petrochemical Company Limited.
    Meanwhile, Sinopec Yangzi Petrochemical Company Limited, the wholly owned subsidiary of Sinopec Corp., will acquire from Sinopec Group the 100% state-owned equity in Jiangsu Taizhou Petrochemical Plant; the 100% state-owned interest in Sinopec Qingjiang Petrochemical Company Limited.
   In addition, Sinopec Corp. will acquire from Sinopec Sales & Industrial Company, the wholly owned subsidiary of Sinopec Group, the legal rights for operating 63 oil/gas stations and service centers.
   As of September 30th, 2007 the audited net assets of the five refineries were RMB2.824 billion, and the audited net assets of the rights for oil/gas stations were RMB835 million.
   The moves show that Sinopec Corp. will strengthen presence in refining business in China, and raise oil products sales ability.