1

China Petroleum & Chemical Corporation

2002 First Quarter Results Announcement

April 29, 2002

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Table of Contents

First Quarter Results Overview

Review of First Quarter Operations

Second Quarter Production Plan

4

First Quarter Results Overview

5

Market Environment Overview

• January and February: a) realized crude oil price remained low, lower ex-

work price of refined products made refining margins compressed; b)

refined oil products realized in wholesale market remained low; c) part of

the high cost inventory was written-down; and d) petrochemical market still

at cyclical low

• March: a) significant recovery in crude oil price; b) increased ex-work price

of refined products make refining margin improved; c) refined oil prices

significantly improved; and d) petrochemical product prices began to

recover

6

15

20

25

30

35

Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02

US$/bbl

WTI Brent

Cinta

International Crude Oil Price — Significant Recovery in March

International Crude Oil Price

7

15

20

25

30

35

40

Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02

US$/bbl

Gasoline Diesel

JetFuel

International Refined Oil Products Price Significantly Lower than 2001Q1

Singapore Refined Oil Products Price

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Crude Oil Realized Price, Prices of Refined products

Crude oil realized price

Ex-work price of gasoline

Ex-work price of diesel

Change

（%）

1010

1850

1741

1154

2466

2385

-12.5

-25.0

-27.0

Unit: RMB Yuan/t

Gasoline benchmark retail price

Diesel benchmark retail price

2396 2761 -13.2

2122 2469 -14.0

Note: all the prices above excludes taxes

1Q 4Q

9

3000

3500

4000

4500

5000

5500

6000

6500

7000

7500

2001

1年

月

2001

2年

月

2001

3年

月

2001

4年

月

2001

5年

月

2001

6年

月

2001

7年

月

2001

8年

月

2001

9年

月

2001

10

年月

2001

11

年月

2001

12

年月

2002

1年

月

2002

2年

月

2002

3年

月

LDPE PP PTA PET

Domestic Petrochemical Market Still at Cyclical Low

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Financial Highlights

PRC AccountingRules & Regulations

International Accounting Standards

Income from 630

principal operations

Profit from principal 86.31

operations

Net profit 1.02

Turnover & other 660

operating revenues

Operating profit 16.12

Profit attributable to 5.42

to shareholders

(RMB 100MM)

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Review of First Quarter Operations

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Crude Oil Production

Natural Gas Production

Crude Oil Realized Price

Natural Gas Realized Price

10,000 tonnes

MM m3

RMB / tonne

RMB / ’000 m3

1,183

1,010

610

928.26

1,083

1,387

600

925.46

9.23

-27

1.67

0.30

E & P

2002 1QUnit 2001 1Q YoY (%)

13

Crude Oil Processed

Gasoline Production

Diesel Production

10,000 tonne

424

883

2,394

458

842

2,423

-7.21

4.77

-1.20

Fuel Oil Production 103 107 -3.74

Yield for Light Stream % 72.66 71.31 135bps

Refining Yield % 91.79 90.09 170bps

Refining

2002 1QUnit 2001 1Q YoY (%)

10,000 tonne

10,000 tonne

10,000 tonne

14

Domestic Sale ofRefined Oil Products

Wholesale

Distribution

Retail

601

338

794

1,734

634

210

692

1,536

-5.20

61.0

14.7

12.89

Total Number ofGas Stations

unit 28,291 25,746 9.9

Marketing

2002 1QUnit 2001 1Q YoY (%)

10,000 tonne

10,000 tonne

10,000 tonne

10,000 tonne

Note ： Total Number of Gas Stations Includes Franchised Stations

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Ethylene

Synthetic Resin

Monomers & Polymers forSynthetic Fiber

Synthetic Fiber

88.15

92.91

27.51

2002 1QUnit: 10,000 tonne

58.26

82.09

96.68

25.15

2001 1Q

58.14

7.38

-3.90

9.38

YoY (%)

0.21

Synthetic Rubber 10.97 8.83 24.24

Urea 72.81 37.26 95.41

Petrochemicals

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Second Quarter Production Plan

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Market Environment Expected in 2Q

• China’s GDP reached 7.6% in 1Q, expected sustained

development in 2Q;

• Significant increase expected in crude oil price, refined

products price;

• Marketing order getting better;

• Chemical price continue to improve.

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Second Quarter Production Plan

Crude Oil Production

Natural gas production

Crude processed volume

Domestic sales volume for refined oil products

MM tonne

Bn m3

MM tonne

MM tonne

1.13

26.24

17.70

2002Q2 PlanUnit

9.48

1.18

23.94

17.34

9.28

Ethylene Production 1,000 tonne 663.3 582.6

2002Q1 Actual

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