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 April, 2006
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 [X] 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 [X}
(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:
The announcement on discovery of Puguang Gas Field by China Petroleum &
Chemical corporation (the "Registrant"), made by the Registrant in English on
March 31, 2006.
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
By: /s/ Chen Ge
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Name: Chen Ge
Title: Secretary to the Board of Directors
Date: April 3, 2006
[GRAPHIC OMITTED][GRAPHIC OMITTED]
CHINA PETROLEUM & CHEMICAL CORPORATION
(a joint stock limited company incorporated in the People's
Republic of China with limited liability)
(Stock Code: 0386)
Announcement
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China Petroleum and Chemical Corporation ("Sinopec Corp.") and all of its
directors warrant that the contents of this announcement are accurate and
complete and accept joint and several responsibility for any
misrepresentation, misleading statements, or material omissions contained
herein.
Sinopec Corp. announces that it has discovered Puguang Gas Field in the
northeast region of Sichuan Province which is the largest and most abundant
marine phase gas field discovered in China to date. According to the
evaluation by the Mineral Resources Reserves Assessment Center of the State
Ministry of Land and Resources, by the end of 2005, the aggregate proved
recoverable reserve of Puguang Gas Field amounted to 251.075 billion cubic
metres and the technical recoverable reserve amounted to 188.304 billion cubic
metres. Sinopec Corp. has prepared and filed with the relevant state
department an exploration plan. The State has approved Sinopec Corp. to start
preparation activities for this project.
This announcement is made pursuant to rule 13.09 of the Hong Kong Listing
Rules and the provisions of the Shanghai Listing Rules.
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Sinopec Corp. announces that it has discovered Puguang Gas Field in the
northeast region of Sichuan Province which is the largest and most abundant
marine phase gas field discovered in China to date. According to the evaluation
by the Mineral Resources Reserves Assessment Center of the State Ministry of
Land and Resources, by the end of 2005, the aggregate proved recoverable
reserve of Puguang Gas Field amounted to 251.075 billion cubic metres and the
technical recoverable reserve amounted to 188.304 billion cubic metres.
Currently, Puguang Gas Field is also one of the five largest gas fields
discovered in China with reserves over 200 billion cubic metres.
According to the assessment results, Puguang Gas Field already meets the
requirements for commercial development. Sinopec Corp. has prepared a proposal
for the Phase I development and submitted the same to the relevant department
of State. According to the proposal, commercial gas production of more than 4
billion cubic metres per annum will be realized by 2008 and commercial gas
production of 8 billion cubic metres per annum will be realized by 2010. A
natural gas pipeline will be constructed from the northeast region of Sichuan
Province to Jinan in Shandong Province. The State has issued an approval for
Sinopec Corp. to start preparation activities for this project.
The discovery of Puguang Gas Field is a result of innovations in marine phase
exploration theory, philosophy, technology and management regime, and has
proved to be a significant breakthrough in China's marine phase exploration
theory and practice, and to have expanded the range of exploration for Sinopec
Corp.'s in the field of natural gas. Sinopec Corp. has prepared a strategic
exploration plan setting the southern marine phase structure as the main
target, to expedite exploration in Sichuan Basin and its surrounding areas and
seeking further development and breakthroughs.
At present, Sinopec Corp. has 12 exploration blocks in Sichuan Basin and its
surrounding areas with an exploration area of 100,000 square kilometres and
this has laid a solid foundation for Sinopec Corp.'s long-term objective of
natural gas exploration in the southern region. Under the guidance of new
theories, Sinopec Corp. has prepared medium and long-term strategic plans to
expedite natural gas exploration and development in Sichuan Basin and its
surrounding areas. Development of natural gas, construction of gas pipelines
and sales and marketing of natural gas will be launched at the same time.
We will announce in a timely fashion all information regarding material
developments to this project.
By Order of the Board
China Petroleum & Chemical Corporation
Chen Ge
Secretary to the Board of Directors
Beijing, PRC, 31 March 2006
As at the date of this announcement, the directors of Sinopec Corp. are Messrs.
Chen Tonghai, Wang Jiming, Mou Shuling, Zhang Jiaren, Cao Xianghong; the
non-executive directors of Sinopec Corp. are Liu Genyuan, Gao Jian and Fan
Yifei; the independent non-executive directors of Sinopec Corp. are Messrs.
Chen Qingtai, Ho Tsu Kwok Charles, Shi Wanpeng and Zhang Youcai; and the
employee representative director of Sinopec Corp. is Mr. Cao Yaofeng.
The valuation of natural gas reserves is made based on a number of assumptions
and premised on the best case scenario, the accuracy of which will depend on
the actual level of technology and other factors. The actual amount may be
significantly different from the valued figures.