ex4-20.htm
Exhibit
4.20
MEMORANDUM
ON ADJUSTMENT OF RENT OF LAND USE RIGHTS
Pursuant
to the Notice on Adjustment of
Rent of Land Use Rights (zhongguoshihuacaichan [2006] No. 22) in 2006,
and the Memorandum on
Adjustment of Rent of Land Use Rights, dated March 31, 2006, each made by
and between China Petrochemical Corporation ("Sinopec Group Company") and China
Petroleum & Chemical Corporation ("Sinopec"), it is acknowledged that the
total area of land leased from Sinopec Group Company by Sinopec is
436,932,951.23 square meters and the annual rent payable for the leased land is
RMB 3,234,411,222.42. Sinopec Group Company and Sinopec, after
arm’s-length negotiations, hereby agree to adjust the rent of land use rights
payable for 2008 as follows:
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I.
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Reduce
the land leased by Sinopec from Sinopec Group Company by 20,219,428.80
square meters, as returned by Sinopec, and reduce rent of land use rights
payable for the returned land by RMB 263,049,809.85 (calculated based on
the rent standard for land use rights in
2007).
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II.
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Increase
the rent of land use rights payable for 2008 by RMB 1,263,066,309.56, and
the rent of land use rights payable for 2008 is accordingly increased to
RMB 4,234,427,722.13.
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After the
adjustment, the total area of land leased by Sinopec is 416,713,522.44 square
meters and the rent of land use rights payable to Sinopec Group Company by
Sinopec for 2008 is RMB 4,234,427,722.13.
China
Petrochemical Corporation
/s/ Su
Shulin
August 22,
2008
China
Petroleum & Chemical Corporation
/s/ Wang
Tianpu
August 22,
2008