Sinopec - CNAF

MN-01093

The Australian Competition and Consumer Commission (**ACCC**) is currently assessing China Petrochemical Corporation (**Sinopec**)’s proposed acquisition of China National Aviation Fuel Group Limited (**CNAF**), through China’s State-owned Assets Supervision and Administration Commission of the State Council’s transfer of 100% of the equity of CNAF into Sinopec (the **Acquisition**). Sinopec is a state-owned oil and gas company, located in China. Sinopec holds shares in several Australian subsidiaries. Sinopec’s Australian operations include energy investment, jet fuel trading, petroleum product trading, equipment and materials trading, natural gas production, lubricant and chemical product sales, and retail fuel operations. CNAF is a state owned aviation company, which provides purchase, storage, inspection, sales and into-plane service of aviation fuel. CNAF does not have a physical presence in Australia, but does conduct limited jet fuel trading.