Sinopec Corp. to invest in Hainan refinery

China Petroleum & Chemical Corporation announced that it has entered into a strategic agreement with Shengjun International Investment Co., Ltd., a fully-owned investment vehicle of China Petrochemical Corporation (Sinopec Group), to jointly operate Sinopec Corp.’s Hainan Refining & Chemical Co., Ltd. Under the terms of the agreement, Sinopec and its partner will inject 2.9895 billion yuan (US$397.9 million) and 996.5 million yuan (US$132.6 million) respectively into Hainan Refining & Chemical to boost the venture’s capital base to 3.986 billion yuan (US$530.5 million). After the capital injection, Hainan Refining & Chemical will be a 75-25 joint venture between Sinopec Corp. and Shengjun International. (October 15, 2007)