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Sinopec Corp. Announces 2009 Annual Results

The Company will continue to promote the integration of exploration and development. Research and study on exploration deployment in newly discovered western fields (mainly Tahe) will be accelerated.  The Company will continue to push forward the exploration and development of coal seam gas and shale gas. In terms of development, the Company will make efforts to enhance recovery rate and single-well productivity. It will stress design optimization and construction management of development scheme, and good organization of key capacity buildup. Efforts will be put forth to ensure safe production and stable operation of Puguang Gas Field and Sichuan to Eastern China Gas Transmission Project. Management of overseas oil fields will also be improved. In 2010, the Company plan to produce 42.55 million tonnes of crude oil and 12 billion cubic meters of natural gas.

Capitalizing on the advantage of achievements made from crude oil adaptive upgrading and revamping, the Company will optimize procurement and allocation of crude oil, so as to reduce crude oil cost. The Company will optimize production organization and operation and comprehensively reinforce management efficiency by further enhancing economic and technical indicators. Greater efforts will be exerted on product mix adjustment and output growth of gasoline and light chemical feedstock. The Company will improve the sales of lubricant, asphalt and petroleum coke by leveraging its brand advantages. In 2010, the Company plans to process 203 million tonnes of crude oil and produce 121 million tonnes of refined oil products.

The Company will rapidly respond to market changes, timely adjust marketing strategy and strive to enlarge operating scale. Greater efforts will be made to reinforce and expand end market, and increase the market share of jet fuel and fuel oil. To build a stronger market network, the Company will continue to optimize the location, boosting sales of individual gas station. Meanwhile, non-fuel business will be actively accelerated. In 2010, the Company plans to sell 129 million tonnes of refined oil products in domestic market.

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