1. China Petroleum & Chemical Corporation 1H 2007 Results Announcement
August 27, 2007
Hong Kong

2. Disclaimer
This presentation and the presentation materials distributed herein include 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, 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 price fluctuations, actual demand, exchange rate fluctuations, exploration and development outcomes, estimates of proven reserves, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions, political risks, project delay, project approval, cost estimates and other risks and factors beyond our control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

3. Agenda 1H 2007 Overview 1H 2007 Operational Results
2H 2007 Operational Plan

4. 1H 2007 Overview

5. Review of Market Environment
China’s economy maintained steady and rapid growth, GDP increased by 11.5%
Domestic consumption of refined oil products grew by 4.2%
Domestic ethylene-equivalent consumption grew by 8.4%
International crude prices first declined and rose later
Chemical product prices remained high
Domestic refined oil products prices still tightly controlled

6. Operational Overview 1H 2007 1H 2006 Change%
Crude oil production (mm bbls)
143.88
140.89
2.12
Natural gas production (bcf)
139.55
126.20
10.58
Refinery throughput (mm tonnes)
76.25
71.68
6.38
Domestic sales of refined oil products
(mm tonnes)
57.92
54.32
6.63
Incl. Retail (mm tonnes)
36.01
34.74
3.66
Ethylene production* (1,000 tonnes)
3,273
3,031
7.98
*Includes 100% production from YPC-BASF and Shanghai-Secco.

7. Profit Growth 1H 2007 1H 2006 Change% Turnover and other revenues
RMB million
1H 2007
1H 2006
Change%
Turnover and other revenues
566,830
491,221
15.39
EBITDA
72,599
50,437
43.94
EBIT
53,346
34,389
55.13
Net profit attributable to shareholders of
the Company
36,190
21,870
65.48
EPS (RMB)
0.417
0.252

8. Financial Position
RMB million
1H 2007
1H 2006
Net cash flow from operating activities
61,636
19,069
Net cash flow used in investing activities
(46,316)
(56,181)
Net cash flow (used in)/ generated from financing
activities
(12,306)
32,532
As of 30 Jun. 2007
As of 31 Dec. 2006
Short-term debts
47,036
52,824
Long-term debts
70,592
61,617
Equity attributable to shareholders of the
Company
289,614
262,845

9. ROCE and Dividend ROCE Dividend Per Share RMB Yuan
Note: ROCE for 1H 2007 is not annualized

10. 1H 2007 Operational Results

11. E&P－Operational Summary
1H 2007
1H 2006
Change%
Crude oil production (mm bbls)
143.88
140.89
2.12
Natural gas production (bcf)
139.55
126.2
10.58
Lifting cost (RMB/tonne)
550
487
12.94
Newly added proved reserves of crude oil (mm bbls)
147.88
143.89
2.77
Newly added proved reserves of natural gas (bcf)
158.63
175.5
(9.61)
Jun
Dec
Change%
Proved reserves of crude oil (mm bbls)
3,299
3,295
0.12
Proved reserves of natural gas (bcf)
2,875.8
2856.7
0.67
Proved reserves of oil and gas (mm boe)
3,778.3
3,771.1
0.19

12. E&P－Segment Performance
Crude Oil and Natural Gas Realized price
EBIT of E&P Segment
Crude Oil
RMB/tonne
Natural Gas
RMB/’000 cubic meter
RMB million

13. Refining－Operational Summary
1H 2007
1H 2006
Change%
Refinery throughput (mm tonnes)
76.25
71.68
6.38
Gasoline production (mm tonnes)
12.16
11.23
8.28
Diesel production (mm tonnes)
28.92
28.32
2.12
Kerosene production (mm tonnes)
4.10
3.18
28.93
Light chemical feedstock production
(mm tonnes)
12.09
11.47
5.41
Light yield (%)
74.49
74.81
(32bps)
Refining yield (%)
93.70
93.73
(3bps)

14. Refining－Segment Performance
Refining Margin / Cash Operating Cost
EBIT of Refining Segment
Refining Margin
(RMB/tonne)
Cash Operating Cost
(RMB/tonne)
RMB million

15. Marketing－Operational Summary
1H 2007
1H 2006
Change%
Domestic sales of refined oil product (mm tonnes)
57.92
54.32
6.63
Incl. Retail (mm tonnes)
36.01
34.74
3.66
Distribution (mm tonnes)
10.15
9.69
4.75
Total number of service stations
28,898
29,198
(1.03)
Incl. Company-operated
28,153
27,628
1.90
Franchised
745
1,570
(52.55)
Annualized throughput of company-operated stations
(tonnes/station)
2,558
2,515
1.71

16. Marketing－Segment Performance
RON #90 Gasoline Guidance Price
EBIT of Marketing Segment
RMB/Tonne
RMB million
#0 Diesel Guidance Price
RMB/Tonne
RMB/tonne
1H 2006
1H 2007
Marketing cash operating cost
149.75
171.80

17. Chemicals－Operational Summary
Unit: 1,000 tonnes
1H 2007
1H 2006
Change%
Ethylene*
3,273
3,031
7.98
Synthetic resin*
4,767
4,184
13.93
Monomers & polymers for synthetic fibers
3,938
3,577
10.09
Synthetic fiber
718
770
(6.75)
Synthetic rubber
360
318
13.21
Urea
813
906
(10.26)
*Includes 100% production from YPC-BASF and Shanghai-Secco.

18. Chemicals－Segment Performance
Chemicals Price Spread (2002 – Jul. 2007)
EBIT of Chemicals Segment
RMB million
USD/tonne
RMB/tonne
IH 2006
1H 2007
Ethylene cash operating cost
1,262
1,320

19. Environmental Record
Energy consumption per unit of production decreased by 3.95%
Energy consumption per unit of production for E&P segment decreased by 4.72%
Energy consumption per unit of production for Refining segment increased by 0.28%
Energy consumption of ethylene units decreased by 1.02%
Fresh water consumption and water discharge reduced substantially
Fresh water consumption reduced by 5%
Wastewater discharge reduced by 7%
COD in wastewater reduced by 15%

20. Effective Cost Control
1H 2007 Cost Saving
RMB million

21. Capital Expenditure 1H 2007 Capex
E&P: RMB billion. Newly added production capacity of crude oil was million tonnes per year and that of natural gas was 719 million cubic meters per year,
Refining: RMB 6.18 billion. Upgrade of Yanshan project was completed; Qingdao project progressed smoothly; Tianjin- Yanshan crude oil pipeline was completed.
Marketing and Distribution: RMB billion. Construction of pipeline for refined oil products in Beijing was completed; newly added 307 stations.
Chemicals: RMB 3.30 billion. Tianjin ethylene, Zhenhai ethylene and Fujian Ethylene projects progressed smoothly
1H 2007 Capex
RMB million

22. 2H 2007 Operational Plan

23. Market Environment for 2H2007
China’s economy is expected to maintain rapid growth
Demand for oil products and petrochemicals will increase steadily
International crude oil prices will remain high
Refining business will still be under pressure
Petrochemical product prices will remain at a relative high level

24. 2H 2007 Operation Estimates 2H Estimate FY 2007E
Crude oil production (mm tonnes)
20.74
41.00
Natural gas production (bcm)
4.05
8.00
Refinery throughput (mm tonnes)
78.25
154.50
Total domestic sales of refined oil products (mm tonnes)
59.08
117.00
Ethylene production (mm tonnes)
3.27
6.54

25. For Further Information
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