Construction of Qingdao 10 million tpa Refining Project Started

(22 June, 2005, Beijing) The ground breaking ceremony of Qingdao Refining Project with the refinery capacity of 10 million tones per year was held in Qingdao recently, and it indicates the construction of Qingdao Oil Refinery Project is now in full operation.

The Qingdao Refining Project is to be jointly invested by China Petroleum & Chemical Corporation (Sinopec Corp.), Shandong International Trust Investment Company and Qingdao International Trust Investment Company with a total investment of RMB9.7 billion, of which the said parties contributed 85%, 10% and 5% respectively. On 22 June 2004, the National Development and Reform Commission (NDRC) approved the feasibility study report of the Qingdao Refining Project. The capacity of the refinery is expected to be 10 million tonnes per year .The project is expected to commence production in 2007. Sinopec Qingdao Refining and Chemical Company Limited was established in Qingdao on 18 November 2004.

Chen Tonghai, Chairman of Sinopec Corp., Wang Jiming, Vice Chairman of Sinopec Corp.; and Wang Tianpu, President of Sinopec Corp. were present at the ground breaking ceremony, which was presided by Wang Jiming, Vice Chairman of Sinopec Corp.

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