SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
The
Securities Exchange Act of 1934
For the
month of March, 2008
CHINA
PETROLEUM & CHEMICAL CORPORATION
A6,
Huixindong Street,
Chaoyang
District Beijing, 100029
People's
Republic of China
Tel:
(8610) 6499-0060
(Indicate by check
mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.)
|
Form
20-F
|
ü
|
Form
40-F
|
(Indicate by check
mark whether the registrant by furnishing the information contained in this form
is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934. )
|
Yes
|
No
|
ü
|
(If "Yes" is marked,
indicate below the file number assigned to registrant in connection with Rule
12g3-2(b): 82-__________. )
N/A
This Form
6-K consists of:
an
announcement on receipt of subsidies by China Petroleum & Chemical
Corporation (the “Registrant”), made by the Registrant on March 19,
2008.
2
(a
joint stock limited company incorporated in the People’s Republic of China with
limited liability)
(Stock
Code: 0386)
ANNOUNCEMENT
ON RECEIVING SUBSIDY
|
China
Petroleum & Chemical Corporation and all members of its board of
directors warrant the authenticity, accuracy and completeness of the
information contained in this announcement, and jointly and severally
accepts full responsibility for any misrepresentation, misleading
statements or material omissions contained in this
announcement.
|
In recent
years international crude oil prices remained at a high level and were
volatile. In particular, since the second half of 2007, international
crude oil prices had increased significantly. Due to the strict
control over refined oil prices in the PRC, this created a distortion to the
correlation of the refined oil prices and crude oil prices. This has
seriously affected the operation of many local oil refinery enterprises due to
the losses they suffered and some of them even ceased their business
production. Together with the increased consumption of diesel oil in
winter, this result in a shortage of supply of refined oil in certain
areas. To ensure the stability of the refined oil market, China
Petroleum and Chemical Corporation and its subsidiaries together (the "Company")
have adopted various measures, including purchasing refined oil product from
local refineries at a high price while increasing the production
volume of refined oil to guarantee the domestic supply of refined
oil. This measure was successful but resulted in serious losses to
the Company. Recently, the Company has received subsidy of RMB 12.3
billion, among which RMB4.9 billion will be recorded as subsidy income of the
Company for 2007, and RMB7.4 billion will be recorded as subsidy income of the
Company for the first quarter of 2008.
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This
announcement is issued pursuant to Rule 13.09 of the Hong Kong Listing Rules and
Rule 11.8.3 of the Listing Rules of Shanghai Stock Exchange.
| By Order of the Board | ||
| China Petroleum & Chemical Corporation | ||
|
|
Chen Ge |
|
| Secretary to the Board of Directors |
Beijing,
the PRC, 19 March 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
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SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
China Petroleum &
Chemical Corporation
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By:
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/s/
Chen Ge
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||
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Name:
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Chen
Ge
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||
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Title:
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Secretary
to the Board of Directors
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||
Date:
March 20, 2008
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