Sinopec Corp. Announces Proposed Placing of New H Shares<600028.SS>

Mon Feb 4, 2013 10:53am EST

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BEIJING,  Feb. 4, 2013  /PRNewswire/ -- China Petroleum & Chemical Corporation
("Sinopec Corp." or the "Company") (HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028)
has entered into an agreement today with a placing agent to offer by way of
placing an aggregate of 2,845,234,000 new H Shares (the "Placing Shares") at a
price of  HKD8.45  per H Share. The Placing Shares represent approximately 3.2%
of the number of total issued shares as enlarged after the placing, and
approximately 14.5% of the number of H Shares as enlarged after the placing, of
Sinopec Corp. Assuming the placing of all Placing Shares, the aggregate net
proceeds from the placing are expected to be approximately  HK$23,970,100,618.
Sinopec Corp. intends to use such net proceeds for general corporate purposes.
The completion is expected to take place on or about  February 14, 2013. An
application will be made by Sinopec Corp. to the Stock Exchange of Hong Kong
Limited for the listing of, and permission to deal in, the Placing Shares. As
the completion of the placing is subject to the satisfaction of certain
conditions precedent and the placing agent's termination rights, the placing may
or may not proceed.

The Placing Shares will be offered in  the United States  only to qualified
institutional buyers in reliance on an applicable exemption from registration
under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") and
outside  the United States  in reliance on Regulation S under the Securities

This press release is for information purposes only and is not and does not
constitute an offer to sell, solicitation of an offer to buy, or the sale of,
any of the securities described herein in any jurisdiction. The securities to be
offered have not been and will not be registered under the Securities Act and
may not be offered or sold in  the United States  absent registration or an
applicable exemption from the registration requirements of the Securities Act.  

About Sinopec Corp.

Sinopec Corp. is one of the largest integrated energy and chemical companies
with upstream, midstream and downstream operations in the PRC. Its principal
operations include: the exploration and production, pipeline transportation and
sale of petroleum and natural gas; the sale, storage and transportation of
petroleum products, petrochemical products, synthetic fibre, fertiliser and
other chemical products; import and export, as well as import and export agency
business of oil, natural gas, petroleum products, petrochemical and chemical
products, and other commodities and technologies; and research, development and
application of technologies and information.

For additional information about Sinopec Corp., please visit the Company's
website at

Forward-looking Statements

This press release contains forward-looking statements. Forward-looking
statements give the Company's current expectations or forecasts of future events
based on management's beliefs and assumptions using currently available
information and expectations as of the date hereof, are not guarantees of future
performance and involve certain risks and uncertainties, including those
contained in the Company's filings with the Securities and Exchange Commission.
Although it believes that the expectations reflected in these forward-looking
statements are reasonable, the Company cannot assure you that its expectations
will prove correct. Forward-looking statements in this press release relate to,
among other things, the closing of the placement and the use of proceeds
therefrom. Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements. The forward-looking
statements speak only as of the date made and, other than as required by law,
the Company undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or

 Investor Inquiries:      Media Inquiries:                     
 Tel: (8610) 5996 0028    Tel: (8610) 5996 0028                
 Fax: (8610) 5996 0386    Fax: (8610) 5996 0386                
 Hong Kong                                                     
 Tel: (852) 2824 2638     Tel: (852) 3512 5000                 
 Fax: (852) 2824 3669     Fax: (852) 2259 9008                 

SOURCE  China Petroleum & Chemical Corporation

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