China Aviation Oil (Singapore) Corporation Ltd ("the Company")

Singapore, 7 December 2004 - The Company has filed an application in the High Court of Singapore on 7 December 2004 to seek a 6-week extension to file an affidavit exhibiting the proposed Scheme of Arrangement and for the creditor's meeting to be convened within 6 months for the purpose of considering and, if thought fit, approving the proposed Scheme of Arrangement. The Company will announce the outcome of the application once the matter is heard by the Court on 10 December 2004.