Agency rejects Sinopec Wuhan reorganization plan

Sinopec Wuhan Petroleum Group Co. Ltd.’s asset reorganization plan has not passed inspection by the China Securities Regulatory Commission, according to a report released by the company on August 1. The company will still continue to develop its plans for reorganization and share reform. Shengshida Investment Company signed an equity transfer agreement on 49.977% equity in Sinopec Wuhan Petroleum with Sinopec, the controlling shareholder of Sinopec Wuhan Petroleum, and the relevant companies, including Jianghan Petroleum, Sinopec Wuhan Petroleum and Chemical Company and Sinopec Maoming Petroleum and Chemical Company, in December 2006. Upon completion of the equity transfer, Shengshida Investment will become the controlling shareholder of Sinopec Wuhan Petroleum. (August 2, 2007)