Petro China Company Limited ("Petro China") and China Petrochemical Corporation ("Sinopec"), following friendly consultations and on the basis of equality, have reached this Agreement (this "Agreement") on mutual supply of crude oil in the year of 2003.

I. QUANTITIES AND VARIETIES OF CRUDE OIL TO BE SUPPLIED HEREUNDER

1. In 2003, Petro China shall supply Sinopec with 14.88 to 15.08 million tons of domestic onshore crude oil, including 9.1 million tons of oil produced at the Daqing Oil Region (6.9 to 7 million tons of which to be supplied to Yanshan Petrochemical Co., Ltd.), 1.46 million tons of oil produced at the Jizhong Oil Region, 1.07 million tons of oil produced at the Dagang Oil Region, 650 thousand tons of oil produced at the Jidong Oil Region, 1.6 to 1.7 million tons of oil produced at the Tarim Basin Oil Region and 1 to 1.1 million tons of oil produced at the Changqing Oil Region.

2. In 2003, Sinopec shall supply Petro China with 1.05 million tons of domestic onshore crude oil, including 450 thousand tons produced at the Shengli Oil Region and 600 thousand tons produced at the Ta he Oil Region.

3. The Parties shall, in principle, make available crude oil of the above supply and take delivery thereof on an evenly distributed basis. The quarterly mutual supply of crude oil may be adjusted as necessary by mutual agreement thereon and in light of the availability of crude oil resources, price and the State's macro-economic planning requirements.

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