BEIJING–(EMWNews – July 24, 2008) – Researched by Industrial Info Resources (Sugar

Land, Texas) — At the International Oil Conference in Jeddah, Saudi

Arabia, China National Petroleum & Chemical Corporation (NYSE:SNP)

(Sinopec) (Beijing) and Saudi Basic Industries Corporation (SABIC) signed

an agreement regarding SABIC’s investment in Sinopec Tianjin

Petrochemical’s 1-million-ton-per-year ethylene project. The project is

the largest ever undertaken by Tianjin, with a total investment value of

$3.95 billion. As early as June of last year, SABIC and Sinopec reached an

initial agreement that SABIC would invest $1 billion into the ethylene

project.

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