Sinopec Corp. and PNG LNG Finalize LNG Sale and Purchase Agreement

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December 3, 2009

Unipec Asia Co., Ltd., a subsidiary of China Petroleum & Chemical Corporation (“Sinopec Corp.”) and Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation and operator of the Papua New Guinea Liquefied Natural Gas (PNG LNG) Project, today announced that Sinopec Corp. and the project participants have entered into a binding sales and purchase agreement for the long-term sale and purchase of LNG totalling approximately 2.0 million tonnes per annum.

Under the agreement, the PNG LNG Project will supply LNG to Sinopec Corp.’s LNG terminal in Shandong Province, for a period of 20 years.

"Sinopec Corp. is very pleased to reach the final sales and purchase agreement with the PNG LNG Project. The LNG we've committed will supply an LNG terminal that Sinopec Corp. is going to build in Qingdao, Shandong Province. Phase I capacity of the terminal is 3 million tons per annum. With the developments of the market, we will expand the facilities to receive 5-6 million tons per year in a Phase II stage. This LNG terminal will provide long-term and reliable clean natural gas resources to the Shandong market and will play a positive role in meeting the local demand, optimizing the energy mix and improving the local environment,”
said Wang Zhigang, senior vice president of Sinopec Corp.

“We are pleased that the project has completed this important agreement with a key Asian
LNG customer and look forward to a long and mutually beneficial relationship between
Sinopec Corp. and the project,” said Ron Billings, vice president, LNG, ExxonMobil Gas &
Power Marketing Company. “This is a key milestone in the project’s schedule.”


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