China Petroleum & Chemical Corporation Announcement: Third Quarterly Report for the Year 2008

China Petroleum & Chemical Corporation (HKEX: 386; NYSE: SNP; LSE: SNP; CH: 600028):

§1 IMPORTANT NOTICE

1.1 The board of directors and the supervisory committee of China Petroleum & Chemical Corporation ("Sinopec Corp.”) together with the directors, supervisors thereof and the senior management guarantee that the information contained in this report does not contain any false statements, misleading representations or material omissions. All of them jointly and severally accept responsibility as to the truthfulness, accuracy and completeness of the content of this results announcement.

1.2 This report was considered and approved at the 25th meeting of the third session of the board of directors of Sinopec Corp..

1.3 The financial statements in this results announcement have not been audited.

1.4 Mr. Su Shulin, Chairman of the board of directors of Sinopec Corp., Mr. Wang Tianpu, Director and President, Mr. Dai Houliang, Director, Senior Vice-President and Chief Financial Officer, and Mr. Liu Yun, head of the Accounting Department warrant the truthfulness and completeness of the financial statements under this quarterly results announcement.

§2 SINOPEC CORP. PROFILE

2.1 Sinopec Corp. Profile

2.1.1 Major financial data and indicators prepared in accordance with the PRC Accounting Standards for Business Enterprises ("ASBE”).

Amount for Nine-month period ended 30 September 2008

2.1.2 Major financial data and indicators prepared in accordance with International Financial Reporting Standards ("IFRS”)

2.2 Differences between net profit for the first three quarters of 2008 and shareholder’s equity as at 30 September 2008 under ASBE and IFRS

2.2.1 Analysis of the effects of the major differences between the net profit under ASBE and the profit of the period under IFRS

2.2.2 Analysis of effects of major differences between the shareholders’ equity under ASBE and total equity under IFRS

2.3 Total number of shareholders at the end of the reporting period: 1,096,182, including 1,089,406 holders of A shares and 6,776 holders of H shares.

List of total number of shareholders and shareholding of the top ten shareholders of shares without selling restrictions at the end of the reporting period:

2.4 Review of operating results

The first three quarters of 2008 saw vehement wobbles of the crude oil prices in the world market, which plunged dramatically after reaching a new record high. Meanwhile, the domestic prices of refined oil products were kept under tight control, and those of chemical products also slid down after an upsurge. Having faced with such complicated market environment, the Company improved its production and operational practices, intensified its lean management efforts, strove for an increase in its production outputs of both oil and gas products, and put into force multiple measures with an aim at ensuring its supply of refined oil products to the domestic market. Oil and gas production outputs, crude oil processing volume and sales volume of refined oil products each maintained a stable growth due to these efforts.

Exploration & Production Segment: New progress was made in terms of the petroleum exploration in western China, natural gas exploration in the northeastern part of Sichuan Province and the hidden oil and gas exploration in certain time-honored industrial zones in East China. As to its production and development aspects, the Company intensified its input in overall adjustments within certain time-honored industrial zones, scaled up its endeavors in developing and utilizing the reserves of lower grade resources, while quickening its pace in increasing the recovery ratios of oil and gas resources and increasing its efforts in building up production capacities in newly established zones. Apart from that, the Sichuan-to-East China gas project has fared rather well. In the first three quarters, the production output of crude oil and natural gas of the Company rose by 2.09% and 2.16%, respectively, compared to those recorded in the same period of last year.

Refining Segment: The Company managed to keep its oil refining facilities operating at full load in a safe way, and thus enhanced its production output of refined oil products. It also rearranged its crude oil resources, endeavored to reduce the crude oil purchasing costs, made greater efforts in re-adjusting its product mix, and increased the production output of those products with higher added values such as gasoline of higher octene levels. Having been recognized as a partner of the Beijing Olympic Games 2008, the Company took a nationwide lead to supply clean oil products which met the National Standard IV, and satisfied the demands for refined oil products of major cities hosting Olympic events in the country. In the first three quarters, the Company’s crude oil processing volume grew by 7.25%, and its production output of refined oil products rose by 11.76%, compared to those recorded in the same period of last year.

Marketing and Distribution Segment: While South China was hit by a rare snow disaster, Wenchuan of Sichuan Province sustained a devastating earthquake, and the domestic prices of refined oil products failed to co-relate with the changes of crude oil prices in the world market over a long period of time, the Company still exerted itself to pool up resources and ensured its stable supply of refined oil products to disaster-hit regions, especially during the Olympic Games. Meanwhile, it continued to improve its distribution network and increased its employees’ service awareness, skills and quality, as well as improving its allocation and transportation of refined oil products and reducing transportation costs. In the first three quarters of 2008, the Company´s domestic sales and retail volume of refined oil products increased by 7.05% and 13.94%, respectively, compared to those recorded in the same period last year.

Chemicals Segment: The Company improved its raw materials, product mix and operating performance of its facilities. It also strengthen the linkage among production, sales and research, and timely adjusted the production capacities of its chemical facilities in line with the market demands. It also made greater efforts in implementing energy saving and waste reduction measures, implemented new techniques on its own initiative, and strove for an increase in its production outputs of products with higher added values. In the first three quarters of 2008, the output of ethylene and synthetic resins reached 4.85 million and 7.29 million tonnes, respectively.

Summary of Major Operating Results for the First Three Quarters

Notes 1: Average annual throughput per station figures refer to annual average amounts;

Notes 2: Including 100% outputs of BASF-YPC and Shanghai Secco.

Capital expenditure:

In the first three quarters of 2008, the Company’s accumulative capital expenditure was RMB 58.812 billion, of which the capital expenditure of Exploration and Production Segment was RMB 32.059 billion. As to its oil and gas prospecting and exploration work, the Company continued to intensify its exploration efforts in the northeastern part of Sichuan Province and other key zones as Ta He, and took proactive measures to emancipate the potentialities and further increase the recovery ratios of its developed oil and gas fields. Newly-built production capacity of crude oil reached 3.68 million tonnes/year, and newly-built production capacity of natural gas reached 0.699 billion cubic meters per year. The capital expenditure of the Refining Segment was RMB 5.503 billion. A galaxy of oil refining projects, which are located in Qingdao, Wuhan, Luoyang (with regard to improvement and upgrading of oil quality) and the Crude Oil Wharf at Caofeidian were all put into operation without a hitch. Capital expenditure of the Chemical Segment was RMB 12.36 billion. Yangtze Petrochemical´s butadiene project with an annual production capacity of 100,000 tonnes also commenced operation successfully. The ethylene projects located in Tianjin and Zhenhai, each with an annual production capacity of 1 million tonnes, are under construction according to schedule. The capital expenditure of the Marketing & Distribution Segment was RMB 7.535 billion. Progress was made in the construction and acquisition of petrol stations in, inter alia, urban areas and key spots such as expressways. 369 new petrol stations were erected which further extended the distribution network of the Company. Capital expenditure of headquarters and others was RMB 1.355 billion.

§3 SIGNIFICANT EVENTS

3.1 Material changes in the major items contained in the consolidated financial statements prepared in accordance with ASBE and the underlying reasons

3.2 The progress of significant events and their impact as well as the analysis and explanations for the solutions

3.2.1 Interim distribution of dividends for the six-month period ended 30 June 2008

Pursuant to the authorization of the 2007 Annual General Meeting and approved by the third session of the board of directors at its 23rd meeting, the dividends for the first half of 2008 ended 30 June 2008 were distributed in cash. Calculated on the basis of 86,702,439,000 shares as of 30 June 2008, the dividends were approximately RMB 2.601 billion in total, and RMB 0.03 (inclusive of tax) per share. The dividends for the first half of 2008 were distributed on 29 September 2008 to the shareholders whose names appeared on the Sinopec Corp.´s register of shareholders as of 19 September 2008.

3.2.2 Subsidies

In recent years, the international crude oil prices rose sharply and the prices of domestic oil products were tightly controlled. This caused oil products and crude oil prices to be inverted. To ensure stable supply to the oil products market, the Company proactively adopted various measures to increase the supply of oil products in the market, which has achieved remarkable effect but has led to the significant loss in the Company’s refining segment. In March 2008, the Company received subsidies of RMB 12.3 billion, of which RMB 4.9 billion was recorded as income of 2007, and RMB 7.4 billion was recorded in the income of the first quarter of 2008.

From 1 April 2008, the government began to subsidise the Company for losses suffered from processing of imported crude oil, and put into effect the VAT refund policy for the Company for imported refined oil products. In the second quarter, the Company received a total subsidy of RMB 22.93 billion, and RMB 3.07 billion of VAT refund for imported refined oil products. In the third quarter, the Company was confirmed a total subsidy of RMB 11.7 billion.

3.2.3 Reorganization of Wuhan Petroleum

Pursuant to the Shares Transfer Agreement signed on 27 December 2006 and the Supplemental Agreement on 29 January 2008 between Sinopec Corp. and Shengshida Investment Co., Ltd. (Shengshida), as well as the Assets Sales Agreement signed on 19 January 2008 between Sinopec Corp. and its affiliates and Sinopec Wuhan Petroleum Co., Ltd. ("Wuhan Petroleum”), (currently renamed as Rongfeng Holding Group Co., Ltd), Sinopec Corp. transferred 67,912,000 state-owned legal person shares to Shengshida, and purchased back the entire assets of Wuhan Petroleum. The reorganization of Wuhan Petroleum was approved at the 2008 2nd extraordinary general meeting of Wuhan Petroleum held on 12 May 2008, and was also approved by securities authorities. In September 2008, Sinopec Corp. completed the transfer registration and the handover of the Wuhan Petroleum´s assets.

3.3 Status of performance of undertakings given by the Company, shareholders and de facto controller

3.4 Caution and explanation as to the anticipated loss of accumulated net profits from the beginning of the year to the end of the next reporting period or significant changes over the same period of last year.

3.5 Other significant events needed to be explained

3.5.1 Ownership of stocks of other listed company

3.5.2 Ownership of stocks of non-listed financial enterprises and companies going public

Applicable X Inapplicable

3.6 This quarterly report is published in both English and Chinese languages. The Chinese version shall prevail in the case of any disparity in the interpretation of these two versions.

Beijing, the PRC

29 October 2008

As at the date of this Announcement, the directors of Sinopec Corp are Messrs. Su Shulin*, Zhou Yuan*, Wang Tianpu^#, Zhang Jianhua^#, Wang Zhigang^#, Dai Houliang^#, Fan Yifei*, Yao Zhongmin*, Shi Wanpeng+, Liu Zhongli+ and Li Deshui+.

# Executive Directors

* Non-executive Directors

+ Independent Non-executive Directors