1. China Petroleum & Chemical Corporation 2007 Annual Results Announcement
April 7, 2008
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 2007 Overview 2007 Operational Results 2008 Operational Plan

4. 2007 Overview

5. Profit Growth
RMB million
2005
2006
2007
07/06
Change
Turnover, other revenues and other income
826,825
1,066,902
1,209,706
13.4%
EBITDA
99,124
114,186
129,179
13.1%
EBIT
67,977
80,632
85,864
6.5%
Net profit attributable to shareholders of
the Company
41,354
53,603
56,533
5.5%
EPS (RMB)
0.477
0.618
0.652

6. Financial Position 31 Dec. 2005 31 Dec. 2006 31 Dec. 2007
RMB million
31 Dec. 2005
31 Dec. 2006
31 Dec. 2007
Short-term debts
42,339
44,654
56,467
Long-term debts
63,630
61,617
83,134
Equity attributable to shareholders of the
Company
226,099
264,334
307,433
2005
2006
2007
Net cash flow from operating activities
78,663
92,507
119,594
Net cash flow from in investing activities
(78,113)
(103,385)
(113,587)
Net cash flow from financing activities
(4,257)
2,878
(5,310)

7. Financial Position (Continued)
Debt/equity and
EBITDA/interest coverage
ROCE
EBITDA/interest coverage
Debt/equity(%)

8. Dividend
Dividend Per Share
RMB

9. Cost Reduction
RMB million

10. Capital Expenditure 2007 Capex RMB 109.282 billion
E&P: RMB billion. Newly added crude oil production capacity was 6.05 million tonnes per year and that of natural gas was 1.66 billion cubic meters per year. Sichuan-East China pipeline project started
Refining: RMB billion. Qingdao project progressed smoothly; Oil products quality upgrading projects such as Yanshan project commenced production
Marketing and Distribution: RMB billion. Improved refined oil products distribution network through construction, acquisition and renovation of service stations and oil depots; added 753 new stations
Chemicals: RMB billion. Major Ethylene projects progressed smoothly.
Corporate and others: RMB billion
RMB Billion

11. Technological Innovation
Driving corporate development through technological innovation
E&P: New technologies such as enhancing oil recovery rate
Refining: Substantial progress has been made in technologies to process low-grade crude oil; commercialized technology to produce gasoline and diesel which meet the National IV emission standard (equivalent to Euro IV standard)
Chemicals: Developed proprietary technology for 300ktpa polypropylene
R&D in new and alternative energies
Obtained 616 domestic and 61 foreign patents

12. Social Responsibility
Ensured stable domestic supply of refined oil products
Implemented energy conservation and effluent-reduction measures
Energy intensity decreased by 6.1%
Fresh water consumption decreased by 4.3%
COD in discharged waste water decreased by 5.4%
Philanthropic activities
Donations to support rescue and rebuilding in Southern China area affected by snow storm disaster early 2008
Sponsored “Health Express” campaign
Sponsor of Beijing 2008 Olympics

13. 2007 Operational Results

14. Review of Market Environment
China’s economy maintained steady and rapid growth
GDP increased by 11.4%
Domestic consumption of refined oil products grew by 6.8%
Domestic ethylene-equivalent consumption grew by 7.8%
International crude oil prices kept increasing and rose dramatically in the 4th quarter
Domestic refined oil product prices still tightly controlled
Chemical product prices remained high

15. E&P－Operational Summary
2005
2006
2007
07/06
Change
Crude oil production (mm bbls)
278.82
285.19
291.67
2.3%
Natural gas production (bcf)
221.9
256.5
282.6
10.2%
Lifting cost (RMB/tonne)
488.34
520.44
600.77
15.4%
Newly added proved reserves of crude oil
(mm bbls)
306
286 21
(92.7%)
Newly added proved reserves of natural gas (bcf)
140.6
161.5
3,756.7
2,226.1%
31 Dec. 2005
31 Dec. 2006
31 Dec. 2007
07/06
Change
Proved reserves of crude oil (mm bbls)
3,294
3,295
3,024
(8.2%)
Proved reserves of natural gas (bcf)
2,951.7
2,856.7
6,330.8
121.6%
Proved reserves of oil and gas (mm boe)
3,786
3,771
4,079
8.2%

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

17. Refining－Operational Summary
2005
2006
2007
07/06
Change
Refinery throughput (mbbls / day)
2,817.9
2,946.5
3,132.9
6.3%
Gasoline production (mm tonnes)
22.98
23.00
24.69
7.3%
Diesel production (mm tonnes)
54.92
57.86
60.08
3.8%
Kerosene production (mm tonnes)
6.63
6.35
8.32
31.0%
Light chemical feedstock production
(mm tonnes)
21.10
22.74
23.47
3.2%
Light yield (%)
74.16
74.75
74.48
(27bps)
Refining yield (%)
93.24
93.47
93.95
48bps
* The above data does not include production from the five refineries acquired from Sinopec Group Company at end of 2007.

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

19. Marketing－Operational Summary
2005
2006
2007
07/06
Change
Domestic sales of refined oil products
(mm tonnes)
104.56
111.68
119.39
6.9%
Incl. Retail (mm tonnes)
63.52
72.16
76.62
6.2%
Distribution (mm tonnes)
20.38
18.95
20.17
6.4%
Wholesales (mm tonnes)
20.66
20.57
22.60
9.9%
Total number of service stations
29,647
28,801
29,062
0.9%
Incl. Company-operated
27,367
28,001
28,405
1.4%
Franchised
2,280
800
657
(17.9%)
Annualized throughput of company-operated stations (tonnes/station)
2,321
2,577
2,697
4.7%

20. Marketing－Segment Performance
RON #90 Gasoline Guidance Price
EBIT of Marketing Segment
RMB/Tonne
RMB million
#0 Diesel Guidance Price
RMB/Tonne
RMB/tonne
2005
2006
2007
Marketing cash operating cost*
118
130
139
* 2005 and 2006’s figures are adjusted to the same basis as 2007

21. Chemicals－Operational Summary
Unit: 1,000 tonnes
2005
2006
2007
07/06
Change
Ethylene*
5,319
6,163
6,534
6.0%
Synthetic resins*
7,605
8,619
9,660
12.1%
Monomers & polymers for synthetic fibers
6,725
7,242
8,018
10.7%
Synthetic fibers
1,570
1,502
1,417
(5.7%)
Synthetic rubbers
626
668
800
19.8%
Urea
1,780
1,609
1,565
(2.7%)
*Includes 100% production from BASF-YPC and Shanghai-Secco.

22. Chemicals－Segment Performance
Chemicals Price Spread (2002 – Feb. 2008)
EBIT of Chemicals Segment
RMB million
USD/tonne
RMB/tonne
2005
2006
2007
Ethylene cash operating cost
1,254
1,282
1,329

23. 2008 Operational Plan

24. Prospect for 2008
China’s economy is expected to maintain rapid growth, which will lead to steady growth in demand for oil products and petrochemicals
International crude oil prices will remain high, yet refined oil products will still be subject to tight price control in Mainland China
Measures to cope with the challenges
Leveraging the Company’s unique strengths in oil and gas exploration and development, competitive advantages in refining & marketing as well as chemical businesses, well-established global trading networks
Leveraging the advantages of Sinopec Group in engineering services in oil and petrochemical businesses and in its overseas assets

25. 2008 Operation Estimates 2007 Actual 2008 Estimates Change
Crude oil production (mm bbls)
291.67
298.20
2.2%
Natural gas production (bcf)
282.6
317.79
12.5%
Refinery throughput (mm tonnes)
155.59*
174.00
11.8%
Total domestic sales of refined oil products (mm tonnes)
119.39
124.00
3.9%
Ethylene production (mm tonnes)**
653.4
672.0
2.8%
* Does not include production from the five refineries acquired from Sinopec Group Company at end of 2007.
**Includes 100% production from BASF-YPC and Shanghai-Secco.

26. 2008 Capital Expenditure Estimates
Estimated 2008 Capex: RMB121.8 billion
E&P: RMB 60.1 billion. Mainly focus on Sichuan-East China Gas Project and development of Tahe, Shengli and Ordos.
Refining: RMB 19.9 billion. Qingdao Refinery Project to be completed in 2008, Further progress in refined oil products quality upgrading projects.
Marketing and Distribution: RMB 13.0 billion. Improve marketing networks through construction and acquisitions of service stations along expressways and in strategic areas.
Chemicals: RMB 25.7 billion for major ethylene projects.
Corporate and others: RMB 3.1 billion.
RMB billion

27. For Further Information
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