Sinopec Plans Share Sale, China

China Petroleum & Chemical Corporation (Sinopec Corp.) has entered into an agreement with a placing agent to offer by way of placing an aggregate of 2,845,234,000 new H Shares at a price of HKD 8.45 per H Share.

The Placing Shares represent approximately 3.2% of the number of total issued shares as enlarged after the placing, and approximately 14.5% of the number of H Shares as enlarged after the placing, of Sinopec Corp. Assuming the placing of all Placing Shares, the aggregate net proceeds from the placing are expected to be approximately

HK$23,970,100,618. Sinopec Corp. intends to use such net proceeds for general corporate purposes. The completion is expected to take place on or about February 14, 2013. An application will be made by Sinopec Corp. to the Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Placing Shares. As the completion of the placing is subject to the satisfaction of certain conditions precedent and the placing agent’s termination rights, the placing may or may not proceed.

The Placing Shares will be offered in the United States only to qualified institutional buyers in reliance on an applicable exemption from registration under the U.S. Securities Act of 1933 and outside the United States in reliance on Regulation S under the Securities Act.

1 Hong Kong dollar = 0.128971 U.S. dollars

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LNG World News Staff, February 05, 2013; Image: Sinopec