Beijing, People’s Republic of China (PRC) — October 29, 2009 — China Petroleum & Chemical Corporation (“Sinopec Corp.” or “the Company”) (CH: 600028; HKEX: 386; NYSE: SNP; LSE: SNP) today announced its unaudited results for the first nine months of the year which ended on 30 September 2009.

Financial Highlights:

• Ø In accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”), the Company’s turnover in the first nine months of 2009 was RMB 893.448 billion, down 21.7% over the same period in 2008. Net profit attributed to equity shareholders of the company was RMB 49.714 billion, representing an increase of 230.3% over the previous year. Basic earnings per share was RMB 0.573, rising by 230.3% year-on-year.

• Ø In accordance with the International Financial Reporting Standards (IFRS), the Company’s turnover, other operating revenues and other income amounted to RMB 893.448 billion, representing a decrease of 21.7%.  Net profit attributable to equity holders of the Company was RMB 49.797 billion, up by 230.5% compared to the same period last year. Basic earnings per share was RMB 0.574, up by 230.5% year-on-year.

• Capital expenditure for the first three quarters was RMB 60.28 billion.

• Ø According to preliminary calculations, the Company expects profitability for the full year to increase by over 50% year-on-year.

Business Highlights

• The Exploration and Production Segment recorded an operating profit of RMB 12.981 billion for the first nine months, down 75.2% compared to the same period last year. The Company’s output of crude oil and natural gas increased by 1.28% and 0.20%, respectively, compared with the same period of last year.

• The Refining Segment recorded an operating profit of RMB 21.557 billion, up significantly from an operating loss last year. The processing volume of crude oil increased by 2.99% and the output of oil product rose by 3.36% compared with the same period of last year. Light products yield also increased year-over-year.

• The Marketing and Distribution Segment recorded an operating profit of RMB 22.377 billion, a decrease of 27.7% compared to the same period last year.  Domestic sales of oil products for the nine month period was 89.57 million tones, a decrease of 5.53%. Nevertheless, third quarter domestic sales of oil products saw a sequential increase of 18.35%.

• The Chemicals Segment reported an operating profit of RMB 14.305 billion, a substantial increase from RMB 0.376 billion in the same period of last year.

Mr. Wang Xinhua, Chief Finance Officer of Sinopec commented: "In the first nine months of 2009, the Chinese economy maintained steady growth against a backdrop of global economic downturn, which drove up domestic demand for oil products and chemicals. The Company devoted major efforts to expanding the markets for all products and further integrating production, sales, and research to increase the production of oil products and gas.  In addition, the processing volume of crude oil grew steadily.” 

“In the reporting period, the Sichuan-to-East China Gas Project was close to completion, Tianjian and Zhenhai ethylene projects made substantial progress, the addition of new gas stations was accelerated, and the  development and application of new chemical products continued to yield results.  With our partner in Germany, BASF, the expansion of our joint venture BASF-YPC Co Ltd. commenced in September with a total investment of RMB 10.4 billion.”

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