CPCC to invest in Hainan Oil

CPCC (China Petrochemical Company) has signed an investment agreement with China Petrochemical Corporation’s wholly-owned overseas subsidiary, Shengjun International Investment Co., Ltd. According to the agreement, the two parties will invest 2.9895 billion yuan (US$402.7 million) and 996.5 million yuan (US$134.2 million), respectively, in Hainan Oil Refining Chemical Industry Co., Ltd., to increase the company’s registered capital. Once the transaction is finished, Hainan Oil Refining Chemical Industry Co., Ltd.’s total registered capital will reach 3.986 billion yuan (US$536.9 million), with CPCC and the overseas subsidiary of China Petrochemical Corporation each holding 75% and 25% equity. (October 19, 2007)