Singapore, 21st December 2005 - China Aviation Oil (Singapore) Corporation Limited ("the Company") would like to announce that the first three personnel named below have had their employment terminated by the company and the fourth has resigned. :

a) Peter Lim - Head of Finance Division (wef 22 December 2005)
b) Gerard Rigby - Deputy Head, Trading Division I (wef 22 December 2005)
c) Abdallah Kharma - Head, Trading Division II (wef 1 January 2006)
d) Cindy Chong - Head of Banking Relations and Risk Management Division (wef 29 October 2005)



By Order of the Board of Directors

21 December 2005