EX-4.11



 Exhibit 4.11 

English Translation of Chinese Original 

Crude Oil Mutual Supply 

Framework Agreement for Year 2016 

between 
 PetroChina
Company Limited 
 and 

China Petrochemical Corporation 

January 2016 







 Crude Oil Mutual Supply Framework Agreement for Year 2016 

PetroChina Company Limited (“PetroChina”) and China Petrochemical Corporation (“Sinopec”), following friendly
consultations, have reached consensus on mutual supply of crude oil in the year of 2016 and hereby enter into this Agreement (this “Agreement”). 
  

	I.	Mutual Supply and Cross Supply of Crude Oil 

  

	 	1.	Mutual supply of crude oil: In 2016, PetroChina shall supply Sinopec with 1.85 million tons of domestic onshore crude oil, including 0.90 million tons of crude oil produced at the Changqing Oil Region, 0.65 million tons
of oil produced at the Erlian Oil Region and Tamtsag Oil Region, 0.25 million tons of oil produced at the Jizhong Oil Region, and 50,000 tons of oil produced at PetroChina Zhejiang Exploration Company. 


In 2016, Sinopec shall supply PetroChina with 1.639 million tons of domestic onshore crude oil, including 0.70 million tons of crude oil
produced at the Chunguang Oil Region, 0.50 million tons produced at the Chunfeng Oil Region (of which, 0.40 million tons to be delivered to PetroChina Karamay Petrochemical Company and 0.10 million tons to PetroChina Urumqi Petrochemical Company),
0.40 million tons of blended oil produced at the Tahe Oil Region, 29,000 tons of oil produced at the Yanqi Oil Region, and 10,000 tons of crude oil produced at the condensate unit of Sinopec Southwest Company. 

 

	 	2.	The parties hereto shall, in principle, make available crude oil of the above supply and take delivery thereof on an evenly distributed basis. The quarterly mutual supply of crude oil may be adjusted as necessary
by mutual agreement thereon and in light of the availability of crude oil resources, price and the State’s macro-economic planning requirements. 

  

	II.	Quality of Crude Oil 

 Matters with respect to the quality of the crude oil to be
supplied hereunder shall be handled pursuant to applicable provisions of SY7513-88 Technical Conditions of Crude Oil at Wellhead. 
  

	III.	Quarterly Supply Agreements; Sales and Purchase Contracts on an Enterprise-by-Enterprise Basis 


The parties hereto agree that quarterly supply agreements shall be entered into by and between the Production Management Department of
PetroChina and the Production Management Department of Sinopec in accordance with this Agreement. After the quarterly plans have been issued to the respective subsidiaries, PetroChina’s relevant regional companies (including its oil
fields, refineries and pipeline companies) and Sinopec’s relevant subsidiaries (including its oil fields and refineries) will enter into specific sales and purchase contracts with each other. The total quantities and varieties of crude oil
to be supplied under such contracts shall be consistent with those specified under the above quarterly supply agreements. 
  

	IV.	Price of Crude Oil 

 The price of crude oil to be supplied hereunder shall be settled on
the basis of the benchmark crude oil price and the crude oil premium mutually agreed between the parties. 
  

	V.	Payment Guarantee 

 Payment of the price of crude oil to be supplied hereunder shall be
made on a timely basis and pursuant to the principles agreed upon by the parties hereto. PetroChina and Sinopec agree to be guarantors, and to assume joint and several guarantee liabilities for the failure of timely payment of the price of
crude oil and other amounts payable by their respective oil refineries. The payer shall make timely payments to the payee upon receipt of and pursuant to the payment notice. 

  
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	VI.	Miscellaneous 

  

	 	1.	Both parties undertake that their subsidiaries will perform this Agreement strictly in accordance with the terms hereof while maintaining the free flow of the downstream operations of their respective oil field
enterprises. Any issues not covered hereunder shall be resolved through consultations between the parties hereto. 

  

	 	2.	This Agreement shall be executed in four counterparts, with each of PetroChina and Sinopec to hold two. This Agreement shall remain effective from January 1, 2016 to December 31, 2016. 


 

			
	 Production Management Department,

PetroChina Company Limited
	  	 Production Management Department,

China Petrochemical Corporation


  

											
	 By:
	 	   /s/
	 		 	  By:	 	   /s/
	 	
		 	  
	 	 , 2016
	 		 	  
	 	 , 2016



  
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