CHINA AVIATION OIL (SINGAPORE) CORPORATION LTD ("Company")

Singapore, 13 June 2005 - The Company is pleased to announce that it has successfully obtained the Court's sanction of its Scheme of Arrangement which was approved by its creditors during the Creditors' Meeting on 8 June 2005.

Accordingly, the High Court also granted leave for the judicial management petition presented by SK Energy Asia Pte Ltd to be withdrawn.