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14

Sinopec Privatizes Petrochemical Company

Beijing Feitian entered into a merger agreement with Beijing Yanhua

China Petroleum & Chemical Corporation or Sinopec, Beijing Feitian Petrochemical Co., and Beijing Yanhua Petrochemical Company, jointly announced that Beijing Feitian entered into a merger agreement with Beijing Yanhua on December 29, 2004.

Under the agreement, the Beijing Yanhua Directors agreed to put forward to the Beijing Yanhua Shareholders the Proposal regarding a proposed privatization of Beijing Yanhua by way of "merger by absorption" under Article 184 of the PRC Company Law, which involves the cancellation of all the Beijing Yanhua shares.

According to the Proposal, Beijing Feitian will pay the cancellation price per Beijing Yanhua H shares at HK$3.80 per share in cash to the Beijing Yanhua H shareholders. Total consideration for the H shares approximates HK$3,846 million.