Press releases 2000

19 October 2000

RECORD BREAKING ADS LISTING ON THE LONDON STOCK EXCHANGE

London: A new record was set today when the Exchange welcomed China Petroleum and Chemical Corporation (SINOPEC) to the Official List. In the biggest American Depositary Shares (ADS) offering to date, SINOPEC raised approximately $3.4 billion.

One of the world's largest integrated energy and petrochemical companies, SINOPEC has a market capitalisation of $17.3 billion. Last year it recorded a turnover of $25.7 billion and over $18 billion in the first half of this year, making it China's biggest enterprise in terms of revenue.

SINOPEC is the fourth largest refiner and sixth largest petrochemical producer in the world and biggest distributor and retailer of petroleum products in Asia. It operates 25 refineries, which last year processed almost 90 million tonnes of crude oil - 50 per cent of the total crude processed in China. It is also the country's largest producer and distributor of petrochemicals. At the end of 1999, SINOPEC -branded service stations accounted for over 62 per cent of China's gasoline and diesel sales.

Ian Salter, Deputy Chairman of the Exchange, said: "I am delighted to welcome SINOPEC to our market. This record-breaking ADS listing illustrates the demand for London's huge pool of international investment capital and the confidence of overseas companies in our regulation and expertise."

Mr Zhang Jiaren, VP and CFO of SINOPEC, added: "Today's listing of SINOPEC represents a critical step on our path to entering the global capital markets. We attach great importance to London which stands out as one of the world's major financial centres."