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                                                                     EXHIBIT 4.8







                             CRUDE OIL MUTUAL SUPPLY
                        FRAMEWORK AGREEMENT FOR YEAR 2004



                                     BETWEEN

                           PETROCHINA COMPANY LIMITED

                                       AND

                         CHINA PETROCHEMICAL CORPORATION









                                  FEBRUARY 2004


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            CRUDE OIL MUTUAL SUPPLY FRAMEWORK AGREEMENT FOR YEAR 2004


     PetroChina Company Limited ("PetroChina") and China Petrochemical
Corporation ("Sinopec"), following friendly consultations and on the basis of
equality, have reached this Agreement (this "Agreement") on mutual supply of
crude oil in the year of 2004.


I.   QUANTITIES AND VARIETIES OF CRUDE OIL TO BE SUPPLIED HEREUNDER

     1.   In 2004, PetroChina shall supply Sinopec with 11.45 to 12.15 million
          tons of domestic onshore crude oil, including 7.5 million tons of oil
          produced at the Daqing Oil Region (6.5 million tons of which to be
          supplied to Yanshan Petrochemical Co., Ltd.), 1.42 million tons of oil
          produced at the Jizhong Oil Region, 1.02 million tons of oil produced
          at the Dagang Oil Region, 510 thousand tons of oil produced at the
          Jidong Oil Region, 500-600 thousand tons of oil produced at the
          Changqing Oil Region and 500 thousand-1.1 million tons of oil produced
          at the Tarim Basin Oil Region.

     2.   In 2004, Sinopec shall supply PetroChina with 1.07 million tons of
          domestic onshore crude oil, including 470 thousand tons produced at
          the Shengli Oil Region and 600 thousand tons produced at the Tahe Oil
          Region.

     3.   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. PetroChina hereby acknowledges
SinoPec's requirement that quality of crude oil produced at Tarim Basin Oil
Region shall remain substantially even.


III. QUARTERLY SUPPLY AGREEMENTS; SALES AND PURCHASE CONTRACTS ON AN
     ENTERPRISE-BY-ENTERPRISE BASIS

     Quarterly supply agreements shall be entered into by and between PetroChina
Natural Gas & Pipeline Company and the Production and Management Department of
Sinopec. After the quarterly plans have been made known to their respective
subsidiaries, PetroChina's regional companies (including its oil fields,
refineries and


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pipeline companies) and Sinopec's subsidiaries (including its oil fields and
refineries) will enter into specific sales and purchase contracts. 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.  ADDITIONAL PROVISIONS

     1.   Payment of the price of crude oil to be supplied hereunder shall be
          made on a timely basis and pursuant to principles agreed upon by the
          parties hereto. In case of any default thereof, the parties hereto
          shall cooperate with each other in seeking a solution thereto.

     2.   PetroChina proposed blending the crude oil produced at Daqing Region
          to be supplied hereunder with a small amount of crude oil produced at
          Russia. The specific plan for such blending and the quantity and price
          of such blended crude oil shall be subject to separate discussions
          between the parties hereto.

     3.   Where any change occurs to this Agreement in the performance hereof,
          it shall be resolved by the parties hereto through consultations.



PLANNING DEPARTMENT,                           PRODUCTION MANAGEMENT DEPARTMENT,
PETROCHINA COMPANY LIMITED                     CHINA PETROCHEMICAL CORPORATION


By: s/Liu Hongbin                              By: s/Zhang Jianhua
    ----------------------                         -----------------------------

Date: February 26, 2004                        Date: February 26, 2004