Macau Natural Gas Company Limited

Operation - Sinopec JV

Stage I | Stage II

Joint Venture with SINOPEC / Macau Natural Gas Company Limited JV

On 22 September 2006, Macau Natural Gas Company Limited announced that it had entered into a 50/50 joint venture with China Petroleum & Chemical Corporation (hereafter referred to as "SINOPEC") to develop the project of Macau natural gas importation and transmission system. According to project investment strategy and the Macao SAR government requirement, the project has been identified in two phases. The first phase includes the construction of Cotai Natural Gas Gate Station and Companhia de Electricidade de Macau-CEM power plant gas delivery stations. The high pressure gas transmission pipelines connect them with the total distance of 6.5km from the landing point. The second phase of the project consists of the LNG receiving terminal.

Under the Macau Natural Gas - Sinopec Joint Venture arrangement:

The joint venture arrangement provides Macau Natural Gas the financial strength and technical expertise to support its effort to be a gas supplier on a larger scale.

China Petroleum & Chemical Corporation is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, prominent core businesses and a comprehensive marketing network. The Company was set up on 25th February, 2000 by China Petrochemical Corporation (Sinopec Group) as the sole initiator, pursuant to the Company Law of the People's Republic of China. Sinopec issued 16.78 billion H shares in Hong Kong, New York and London on 18th and 19th October, 2000.

For more details on SINOPEC refer to www.sinopec.com

Stage I

It has been forecasted that Macau's annual gas demands of 180 million cubic meters and 520 million cubic meters in 2007 and 2015 respectively. The Company's technology will be based on scientific, energy-saving and environmentally friendly development. By 2007 will completed the natural gas onshore importation and transmission network system and will supply 30 million cubic meters of natural gas.

The Company also plans to supply 180 million cubic meters of natural gas to the Macao SAR in 2008-2009. The natural gas will gradually expand the energy market share in Macau by year 2010. This will develop the solid foundation in order to expand the gas supply achievement target of 520 million cubic meters in the year 2015.

Stage II

The Company's aim is to safeguard Macau energy security, establish a long-term and stable supply of natural gas system. The company is preparing to partner with other shareholders with the ability to invest about Eight billion RMB on Macau International New Energy Island in Zhuhai constructing the LNG receiving terminal. This ancillary gasification facility will supply natural gas to Macau from the overseas LNG market.

This second phase of the Project will commence construction in the 4th quarter of 2008. The receiving terminal will be completed and operational at the end of 2012. A submarine high pressure gas pipeline will be the media to connect between the terminal and the Macau onshore natural gas importation and transmission system.

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