Oil Shipping Contract Signed with Sinopec

A contract for shipping of goods was signed between the company and Sinopec Marketing Co., Ltd., north China branch. Pursuant to the contract, from 1 Jul to 31 Dec 2008 the north China branch will provide petroleum shipping services for the company with a total freight volume of no more than 1 mln tons, by arranging five to seven voyages in accordance with the north China branch's requirements.

Relevant goods-related fees will be paid by the north China branch and shipping related fees by the company.

Board of Directors
15 Aug 2008


Source: Shanghai Stock Exchange

Date: 15 Aug 2008

CN01/SS/DM/BT/KM