Stock Code:200053   Short Form of Stock: Shenzhen Base (B Share)    No.:2004-015

                    SHENZHEN CHIWAN PETROLEUM SUPPLY BASE CO LTD
        Resolution of the 1st Session of the 4th Board of Director's Meeting

    The Board of Directors of Shenzhen Chiwan Petroleum Supply Base Co Ltd has held 
a meeting in 16th floor, Chiwan Petroleum Building, Shenzhen, PRC on May 25th 2004. 
All directors attended the meeting. It was in conformity with the Company Law and 
the Articles of Association of the Company and the following resolutions were 
passed:
    1.to elect Dr. Fu Yuning as the Chairman of the fourth board of directors;
    2.to elect Mr. Koh Soo Keong as the Vice Chairman of the fourth board of 
directors;
    3.to appoint Mr. Han Guimao as the Executive Director of the fourth board of 
directors.

                                   Shenzhen Chiwan Petroleum Supply Base Co Ltd
                                                         By Order of the Board
                                                             Dated: 26 May 2004