March 1996

Letter of Intent for IPS Project signed.

December 1997

IPS Project Proposal approved.

November 4, 1999

Joint Feasibility Study Report Agreement signed.

June 2000

Joint Feasibility Study Report Agreement approved.

June 2000

Joint Venture Contract signed.

November 10, 2000

Land Grant Use Contract for IPS Project initialed in Hilton Hotel.

December 4, 2000

Business License obtained.

December 5,2000

BASF appointed Dr. Bernd Blumenberg as President of the Company.

December 6, 2000

SINOPEC/YPC appointed Mr. Pang Jiasheng as Vice President and General Manager Finance, Accounting, EDP and Material Management Division, Mr. Tan Xiaoping as Generalof Manager of Human Resources and Administration Division.

December 8, 2000

BASF-YPC Company Limited established and Inauguration Ceremony held in Great Hall of the People, Beijing.

December 11, 2000

The 1st BOD meeting was held in Beijing.