Exhibit 4.17


                             DATED 31 October 2004


                                    BETWEEN

                          CHINA PETROLEUM CORPORATION


                                      AND

                    CHINA PETROLEUM & CHEMICAL CORPORATION


                      ----------------------------------
                               2004 AGREEMENT ON

                                ADJUSTMENTS TO

                          RELATED PARTY TRANSACTIONS
                      ----------------------------------


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THIS AGREEMENT is made on the 31st day of October 2004 in Beijing:

BETWEEN

China    Petrochemical Group (hereinafter referred to as "Party A"), a
         state-owned enterprise established and legally subsisting under the
         laws of the People's Republic of China (the "PRC"), fully
         representing its related subsidiaries ;

China    Petroleum & Chemical Corporation (hereinafter referred to as "Party
         B"), a corporation established and legally subsisting under the laws
         of the PRC, fully representing its related subsidiaries.

Party A and Party B are collectively referred to herein as the "Parties" and
individually as a "Party".


WHEREAS:

D.   Party B is a listed company listed on stock exchanges of Shanghai, Hong
     Kong, New York and London; Party A is the controlling shareholder of
     Party B. The Parties had entered into a series of agreements on connected
     transactions on 3 June 2000 and subsequently entered into a series of
     adjustment or supplemental agreements (collectively referred to as the
     "Existing Connected Transaction Agreements"). Provisions in relation to
     the conditions of the connected transactions for the mutual supply of
     products, production and engineering construction (including the public
     utilities projects) services, lease of the land use rights and lease of
     properties, etc. made between the Parties (including the respective
     subsidiaries of the Parties) are set out in the Agreements on Connected
     Transactions.

E.   Party B proposes to enter into an asset aquisition agreement with Party A
     for the aquisition of the core assets and businesses of ethylene,
     synthetic fibre monomer and polymer owned by China Petrochemical
     Corporation Tianjin Company, the assets and businesses of synthetic fibre
     monomer and polymer owned by SINOPEC Luoyang Petrochemical Engineering
     Corporation (including a 55% equity interests of Luoyang Petrochemical
     Polypropylene Co., Ltd.), the entire asset and businesses of the Power
     Assets Business Department of SINOPEC Guangzhou Petrochemical Engineering
     Corporation, the oil refining plants of SINOPEC Maoming Refining &
     Chemical Co., Ltd. and a 93.51% equity interests of SINOPEC Zhongyuan
     Company which are owned by Party A.

F.   Party B proposes to enter into an asset aquisition agreement with Party A
     for the aquisition of the following equity interests and assets directly
     or indirectly owned by Party A: 81% equity interests of Hunan Jianchang
     Petrochemical Co., Ltd., 50% equity interests of Beijing Aoda
     Petrochemical Technology Development Center, 60% equity interests of
     Shanghia Leader Catalyst Co., Ltd. and the major assets of SINOPEC
     Changling Company Catalyst Plant, SINOPEC Qilu Petrochemical Co. Catalyst
     Plant, Ltd. Petrochemical Co., Ltd., SINOPEC Technology Development
     Company, Head Office of China Petrochemical Corporation Shanghai
     Petrochemical Research Institute, the experimentation factory of SINOPEC
     Shanghai Research Institute of Petrochemical Technology and SINOPEC
     Nanjing Catalyst Co., Ltd.

G.   Party B proposes to enter into an asset aquisition agreement with Party A
     for the aquisition of the 1,023 gas stations and 54 oil depots of Party A
     and its subsidiaries.

H.   Party B proposes to enter into an asset sales agreement with Party A for
     the sale of the downhole operation assets and businesses owned by eight
     oilfield subsidiaries or branch companies of Party B and its subsidiaries
     to Party A, namely SINOPEC Shengli Oilfield Co., Ltd., SINOPEC Central
     China Company, SINOPEC Henan Oilfield Company, SINOPEC Jianghan Oilfield


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     Company,  SINOPEC Jiangsu Oilfield Company, SINOPEC North China
     Company, SINOPEC East China Company and SINOPEC Southwest China
     Company.

I.   The aforementioned assets aquisition and sale agreements are collectively
     referred to as the "Sale and Acquisition Agreements".

J.   Upon the completion of the sale and acquisition transaction mentioned
     above, new connected transactions (the "Additional New Connected
     Transactions") in relation to the lease of the land use rights and the
     properties will arise between Party A and Party B (including the
     respective subsidiaries of the Parties), the Parties will make certain
     adjustments to the existing connected transactions between them.


The Parties hereby agree on the following adjustments to connected
transactions:

1. Party A agrees to increase the land leased to Party B by a total of
8,888,498.51 square meters according to the Land Use Rights Leasing Agreement
after the completion of the sale and acquisition transaction; Party B agrees
to increase the rental payable to Party A by RMB 110,356,761.10 per year.
Party A agrees to increase the area of the properties leased to Party B by a
total of 15,114 square meters pursuant to the Properties Leasing Agreement
after the completion of the sale and acquisition transaction whereas Party B
agrees to increase the rental payble to Party A by RMB 1,350,000.00 per year.
The Parties agree that apart from the provision on effective date and the
appendixes, the remaining clauses of the Land Use Rights Leasing Agreement,
the Properties Leasing Agreement and their adjustment and supplemental
agreements will be applicable to matters in relation to the lease of land and
properties mentioned above. The lease of the land use rights and properties
aforementioned will commence on the effective date of this Agreement.

2. The consideration for the lease of land use rights and properties is
determined based on the leased area according to the normal commercial
practice and through fair and reasonable negotiations of the Parties and based
on the prices not exceeding the market price. With reference to the existing
rentals for lease of land use rights and properties under the Existing
Connected Transactions Agreements, the locations, areas and the usage of the
related land and buildings, the consideration determined is reasonable,
justified without prejudice to the interests of Party B and the minority
shareholders.

3. The Parties agree that the agreements entered into between the Parties
(including the respective subsidiaries of the Parties) or the provisions
contained therein which are applicable to the Additional New Connected
Transactions under this Agreement will be automatically terminated following
this Agreement coming into effect.

4. The Parties agree that upon completion of the sale and acquisition
transaction, all the continuing connected transactions will be operated in
line with the market practice so that win-win and market-oriented pricing
principles as well as principles of fairness, reasonableness and justice will
be upheld and the interests of the minority shareholders will not be
prejudiced.

5. The subsidiaries of Party A and Party B as stated in this Agreement include
all the respective subsidiaries, branches and other units as well as any
companies or entities which hold 30% or above interests or voting rights or
have control over the board of directors or are under direct or indirect
control of the aforementioned entities.

6. This Agreement will come into effect upon its execution by the
representatives of the Parties and completion of the related sales and
acquisations.


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IN WITNESS WHEREOF, this Agreement has been duly executed by the properly
appointed representatives of the Parties on the day and year first written
above.


For and on behalf of :
China Petrochemical Corporation (Sealed)


By: /s/ Chen Tonghai
   --------------------------------------------------

Name: Chen Tonghai
     ------------------------------------------------

Legal Representative or Authorized Representative:___


For and on behalf of:
China  Petroleum & Chemical Corporation (Sealed)


By: /s/ Wang Jiming
   --------------------------------------------------

Name: /s/ Wang Jiming
     ------------------------------------------------

Legal Representative or Authorized Representative:___


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