SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

The Securities Exchange Act of 1934

For the month of October 2021

CHINA PETROLEUM & CHEMICAL CORPORATION

22 Chaoyangmen North Street,

Chaoyang District, Beijing, 100728

People's Republic of China

Tel: (8610) 59960114

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F

Form 40-F

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes

(If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-__________. )

N/A

This Form 6-K consists of:

An announcement regarding the third quarterly report for 2021 of China Petroleum & Chemical Corporation (the “Registrant”), made by the Registrant on October 28, 2021.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 00386)

Overseas Regulatory Announcement

China Petroleum & Chemical Corporation

The Third Quarterly Report for 2021

This announcement is made pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).

	By Order of the Board
	China Petroleum & Chemical Corporation
	Huang Wensheng
	Vice President and Secretary to the Board of Directors

Beijing, the PRC,

28 October 2021

As of the date of this announcement, directors of the Company are: Ma Yongsheng #, Zhao Dong *, Yu Baocai #, Liu Hongbin #, Ling Yiqun #, Li Yonglin #, Cai Hongbin +, Ng, Kar Ling Johnny +, Shi Dan + and Bi Mingjian+.

#	Executive Director

*	Non-executive Director

+	Independent Non-executive Director

China Petroleum & Chemical Corporation

The Third Quarterly Report for 2021

28 October 2021

Beijing China

Important notice

1.1

The Board of Directors, the Board of Supervisors of China Petroleum & Chemical Corporation (“Sinopec Corp.” or “the Company”) and its directors, supervisors and senior management warrant that there are no false representations, misleading statements or material omissions contained in this report and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report.

1.2	The third quarterly report for 2021 was approved at the third meeting of the Eighth Session of the Board of Directors of Sinopec Corp. All directors attended this meeting.

1.3	Mr. Ma Yongsheng, Director and President and Ms. Shou Donghua, Chief Financial Officer and Head of Corporate Accounting Department of Sinopec Corp. warrant the authenticity, accuracy and completeness of the financial statements contained in this quarterly report.

1.4	The financial statements in this quarterly report were not audited.

1 Principal financial data

1.1	Principal financial data and indicators prepared in accordance with China Accounting Standards for Business Enterprises (CASs)

RMB million

	As of 30 September 2021		As of 31 December 2020 (adjusted)		As of 31 December 2020 (before adjustment)		Changes from the end of last year （%）
Total assets		1,887,282		1,734,445		1,733,805		8.8
Total equity attributable to equity shareholders of the Company		769,346		742,885		742,463		3.6

RMB million

	Nine-month period ended 30 September
	2021		2020 (adjusted)			2020 (before adjustment)			Changes over the same period of the preceding year （%）
Net cash flow from operating activities		115,723		84,230			83,639			37.4
Operating income		2,003,350		1,552,536			1,554,617			29.0
Net profit attributable to equity shareholders of the Company		59,892		23,492			23,507			154.9
Net profit/(losses) attributable to equity shareholders of the Company excludingextraordinary gains and losses		58,720		(10,243	)		(10,257	)		-
Weighted average return on net assets (%)		7.92		3.20			3.18		4.72 percentage points
Basic earnings per share(RMB)		0.495		0.194			0.194			155.2
Diluted earnings per share(RMB)		0.495		0.194			0.194			155.2

Note:

The Company has completed the formation of Sinopec Baling Petrochemical Co. Ltd on 1 November 2020, and has completed the purchase of non-equity assets of Beihai Petrochemical Limited Liability Company of Sinopec Group, Cangzhou branch of Sinopec Group Asset Management Co., Ltd and Beijing Orient Petrochemical Industry Co., Ltd on 1 July 2021. The business reorganisation and transactions have been accounted as business combination under common control. Accordingly, the Company has retrospectively adjusted the relevant financial data.

RMB million

Extraordinary items	Third Quarter of 2021 (gain)/loss RMB million			Nine-months period ended 30 September 2021 (gain)/loss
Net gain on disposal of non-current assets		(152	)		(433	)
Donations		64			72
Government grants		(445	)		(1,994	)
Gains on holding and disposal of various investments		(52	)		(218	)
Other extraordinary income and expenses, net		127			817
Net gain and loss of acquiree before business combination under common control		-			(103	)
Subtotal		(458	)		(1,859	)
Tax effect		38			455
Total		(420	)		(1,404	)
Attributable to:
Equity shareholders of the Company		(365	)		(1,172	)
Minority interests		(55	)		(232	)

1.2	Principal financial data and indicators prepared in accordance with International Financial Reporting Standards (IFRs)

RMB million

Items	As of 30 September 2021		As of 31 December 2020 (adjusted)		As of 31 December 2020 (before adjustment)		Changes from the end of the last year (%)
Total assets		1,887,282		1,734,445		1,733,805		8.8
Total equity attributable to shareholders of the Company		768,412		741,916		741,494		3.6

RMB million

	Nine-month period ended 30 September
Items	2021		2020 (adjusted)		2020 (before adjustment)		Changes over the same period of the preceding year (%)
Net cash generated from operating activities		115,723		84,230		83,639		37.4
Operating profit		84,806		5,053		5,028		1578.3
Net profit attributable to shareholders of the Company		60,755		24,445		24,459		148.5
Basic earnings per share (RMB)		0.502		0.202		0.202		148.5
Diluted earnings per share (RMB)		0.502		0.202		0.202		148.5
Return on net assets (%)		7.91		3.35		3.36	4.56 percentage points

Note:

1.3	Significant changes in major items contained in the consolidated financial statements prepared in accordance with CASs and the reasons for such changes.

					Increase/(Decrease)
	As of 30 September 2021		As of 31 December 2020		Amount		Percentage
Items of Consolidated Balance Sheet	RMB million		RMB million		RMB million		（%）		Main reasons for changes
Financial assets held for trading		3,492		1		3,491		349,100	Increase in structured deposits of the subsidiaries of the Company
Derivative financial assets		32,464		12,528		19,936		159	Increase in profit position of derivative hedging financial instruments
Derivative financial liabilities		8,949		4,826		4,123		85
Accounts receivable		73,568		35,584		37,984		107	Due to the increase in prices of crude

					Increase/(Decrease)
	As of 30 September 2021		As of 31 December 2020		Amount		Percentage
Items of Consolidated Balance Sheet	RMB million		RMB million		RMB million		（%）		Main reasons for changes
Accounts payable		215,846		151,329		64,517		43	oil and refined oil products, accounts receivable and accounts payable generated from relative business increased
Prepayments		13,782		4,857		8,925		184	Increase in prepayment of land bidding and large-scale equipment
Inventory		198,109		151,951		46,158		30	Increase in inventory value of crude oil and refined oil products due to the increase in international crude oil prices
Short-term loans		37,562		20,756		16,806		81	Increase in low-interest loans of some subsidiaries for liquidity
Bills payable		15,560		10,394		5,166		50	Increase in bills payable as a result of enhanced management of funds occupancy
Other current liabilities		32,183		17,775		14,408		81	Increased 17 billion ultra-short debentures during the reporting period
Other comprehensive income		4,269		1,038		3,231		311	Increase in profit of hedging business
Specific reserve		2,769		1,941		828		43	The provision of safety production fund

							Increase/(Decrease)
	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020			Amount			Percentage
Items of Consolidated Income Statement	RMB Million			RMB Million			RMB Million			(%)			Main reasons for changes
Other income		1,671			4,458			(2,787	)		(63	)	Decrease in VAT refund of imported LNG
Credit impairment losses		(140	)		(842	)		702			-		Decrease in losses of doubtful accounts
Investment income		9,520			42,057			(32,537	)		(77	)	Received income of pipeline transaction in the same period of2020 and no such item in 2021; meanwhile margin of refined oil products recovered and profitsof associates and joint ventures significantly increased
Income tax expense		20,948			6,045			14,903			247		Increase in income tax as a result of significant increase in profit before taxation

							Increase/(Decrease)
	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020			Amount			Percentage
Items of Consolidated Cash Flow Statement	RMB Million			RMB Million			RMB Million			(%)			Main reasons for changes
Refund of taxes and levies		934			2,733			(1,799	)		(66	)	Decrease in VAT refund of imported LNG
Net cash received from disposal of subsidiaries and other business entities		4,764			48			4,716			9,825		Balance payment of pipeline transaction in 2020 received in the reporting period
Other cash received relating toinvesting activities		26,431			41,758			(15,327	)		(37	)	Decrease in time deposits with maturities over three months
Cash paid for dividends, profits distribution or interest		(44,039	)		(31,079	)		(12,960	)		-		Increase in cash payment of dividends in the reporting period

2 Shareholders information

2.1	Total number of shareholders and top ten shareholders at the end of the reporting period

Total number of shareholders at the end of the reporting period	Total number of shareholders was 497,430, including 491,832 holders of domestic A shares and 5,598 holders of overseas H shares.
Top ten shareholders
Name of shareholder	Total number of shares held		Percentage (%)		Number of shares subject to pledge or lock-ups		Nature of shareholder
China PetrochemicalCorporation		82,709,227,393		68.31		0	State-owned share
HKSCC (Nominees) Limited		25,386,239,460		20.97	Unknown		H share
中国证券金融股份有限公司		2,325,374,407		1.92		0	A share
香港中央结算有限公司		1,072,676,699		0.89		0	A share
中国人寿保险股份有限公司－传统－普通保险产品－005L－ CT001 沪		813,500,331		0.67		0	A share
中央汇金资产管理有限责任公司		322,037,900		0.27		0	A share
国信证券股份有限公司		211,476,986		0.17		0	A share

中国人寿保险股份有限公司－分红－个人分红－005L－FH002 沪	98,846,027	0.08	A share
中国工商银行－上证 50 交易型开放式指数证券投资基金	94,764,676	0.08	A share
全国社保基金一一三组合	88,106,057	0.07	A share

Note

Sinopec Century Bright Capital Investment Limited, overseas wholly-owned subsidiary of China Petrochemical Corporation, holds 553,150,000 H shares, accounting for 0.46% of the total share capital of Sinopec Corp. Such shareholdings are included in the total number of shares held by HKSCC (Nominees) Limited.

Statement on the connected relationship or acting in concert among the aforementioned shareholders:

Apart from 中国人寿保险股份有限公司－传统－普通保险产品－005L－CT001 沪 and 中国人寿保险股份有限公司－分红－个人分红－005L－FH002 沪 which were both administrated by 中国人寿保险股份有限公司, Sinopec Corp. is not aware of any connected relationship or acting in concert among or between the above-mentioned shareholders.

3 Review of operating results

In the first three quarters of 2021, as the world economy gradually picked up, China’s economy kept a sustainable and steady recovery, registering a GDP growth of 9.8% year-on-year among which up by 4.9% in the third quarter. In the first three quarters, the average spot price of Platts Brent was USD67.73 per barrel, up by 65.9% year-on-year. Domestic demand for natural gas continued to grow rapidly, with an apparent consumption up by 16.6% year-on-year. Domestic demand for refined oil products recovered steadily and demand for major chemicals kept stable.

Confronted with the environment where the international oil price went up and the demand for petrochemical products recovered steadily, the Company stressed on improving our systems, expanding markets, and controlling costs, thus realising outstanding operation results.

In accordance with CASs, net profit attributable to equity shareholders of the Company was RMB 59.892 billion, up by 154.9% year-on-year. In accordance with IFRS, net profit attributable to equity shareholders of the Company was RMB 60.755 billion, up by 148.5% year-on-year.

Exploration and Production: The Company seized the favourable opportunity of rising oil prices, pressed ahead with high-quality exploration and profit-oriented development, strengthened the foundation of resources. In terms of exploration, we strengthened risk exploration in new regions and new sectors, which led to new discoveries in Tarim Basin, Sichuan Basin, and Erdos Basin, and major breakthroughs in continental facies shale oilfields of Bohai Bay Basin, Sichuan Basin, and North Jiangsu Basin. In terms of production, we efficiently proceeded with the capacity building of major natural gas and crude oil projects, and the natural gas production increased by 13.7% year-on-year and the crude oil production kept stable. The exploration and production segment realised earnings before interest and taxes (EBIT) of RMB 10.904 billion in the first three quarters.

		Nine-month period ended 30 September				Changes
Exploration and Production	Unit	2021		2020		(%)
Oil and gas production	million boe		355.01		339.39		4.6
Crude oil production	million barrels		208.65		210.65		(0.9	)
China	million barrels		186.59		186.69		(0.1	)
Overseas	million barrels		22.06		23.96		(7.9	)
Natural gas production	billion cubic feet		877.85		772.14		13.7
Realised crude oil price	USD/barrel		60.94		38.24		59.4
Realised natural gas price	USD/thousand cubic feet		6.74		5.32		26.7

Conversion:

For domestic production of crude oil, 1 tonne = 7.10 barrels. For overseas production of crude oil, 1 tonne = 7.21 barrels. For production of natural gas, 1 cubic meter = 35.31 cubic feet.

Refining: The Company actively responded to market changes, strengthened integration of refining and marketing, raised processing volume, kept high utilisation rate, actively adjusted product slate and maximised profits along the industrial chain. We optimised crude oil allocation and cut procurement costs. We insisted on the strategy of shifting from oil to chemicals, lowered refined oil products yield, and increased production of readily marketable products like gasoline and light chemical feedstock. We increased production of high value-added products and specialty products, built 6 sets of hydrogen purification units, developed high-end needle-shaped coke products and domestic market share of low- sulphur bunker fuel ranked the first. We expedited advanced capacity building and pushed ahead with restructuring projects. In the first three quarters of 2021, the Company processed 191 million tonnes of crude oil, up by 9.3% year-on-year, and produced 109 million tonnes of refined oil products, up by 3.2% year-on-year. The refining segment realised EBIT of RMB 54.268 billion in the first three quarters.

		Nine-month period ended 30 September				Changes
Refining	Unit	2021		2020		(%)
Refinery throughput	million tonnes		190.73		174.46		9.3
Gasoline, diesel and kerosene production	million tonnes		108.60		105.19		3.2
Gasoline	million tonnes		49.07		42.46		15.6
Diesel	million tonnes		42.92		47.86		(10.3	)
Kerosene	million tonnes		16.60		14.87		11.6
Light chemical feedstock production	million tonnes		33.71		29.54		14.1
Light product yield	%		73.72		74.63	(0.91) percentage points
Refining yield	%		94.71		94.89	(0.18) percentage points

Marketing and Distribution: The Company leveraged our advantages of integration of refining and marketing to expand markets and adopted targeted marketing strategy, resulting in an elevation of scale. We consolidated our resources of customers and marketing throughout the country, and continuously improved the quality of our services. We optimised the network layout to reach end users, accelerated the construction of integrated energy service stations offering petrol, gas, hydrogen, power, and non-fuel services, and put our first carbon-neutral station and BIPV (building integrated photo-voltaic) station into

operation. In the first three quarters, total sales volume of refined oil products was 166.59 million tonnes, among which total domestic sales volume of refined oil products was 127.88 million tonnes, up by 3.8% year-on-year. The Company strengthened the development and marketing of company-owned brands, actively explored emerging business models such as car services, fast food, and advertising, and speed up the development of non-fuel businesses. The marketing and distribution segment realised EBIT of RMB 24.316 billion in the first three quarters.

		Nine-month period ended 30 September				Changes
Marketing and Distribution	Unit	2021		2020		(%)
Total sales volume of refined oil products	million tonnes		166.59		162.25		2.7
Total domestic sales volume of refined oil products	million tonnes		127.88		123.19		3.8
Retail	million tonnes		83.70		83.06		0.8
Direct sales & Distribution	million tonnes		44.18		40.13		10.1
Annualised average throughput per station	tonnes/station		3,633		3,605		0.8

Chemicals: By adhering to “following the market and centering on profits”, the Company sped up the advanced capacity building and structural adjustment. We fine-tuned chemical feedstock to reduce costs; we adjusted the structure of the facilities and optimised maintenance schedule to raise the utilisation of profitable facilities; we enhanced integration of production, marketing and research and continuously increased the ratio of high value-added products, raising the ratio of synthetic resin, synthetic rubber, and synthetic fibre by 1.4, 3.7 and 1.6 percentage points respectively year-on-year. In the first three quarters, ethylene production reached 9.75 million tonnes, up by 10.2% year-on-year. Meanwhile, we scored achievements in key clients management, scaled up profit generation through exports, and launched self- marketing products on e-commerce. The total sales volume of chemical products for the first three quarters was 60.77 million tonnes. The chemicals segment realised EBIT of RMB 23.064 billion in the first three

quarters.

		Nine-month period ended 30 September				Changes
Chemicals	Unit	2021		2020		(%)
Ethylene	thousand tonnes		9,752		8,850		10.2
Synthetic resin	thousand tonnes		14,002		12,773		9.6
Monomers and polymers for synthetic fibre	thousand tonnes		6,820		6,711		1.6
Synthetic fibre	thousand tonnes		1,032		935		10.4
Synthetic rubber	thousand tonnes		891		790		12.8

Note:

Including 100% production of domestic joint ventures.

Capital expenditures:

Focusing on investment quality and profitability, the Company optimised its investment management

system, with total capital expenditures of RMB89.7 billion in the first three quarters of 2021. The capital expenditure for exploration and production segment was RMB38.6 billion, mainly for the capacity building of Shunbei oilfield, Weirong, Fuling, and Western Sichuan natural gas projects, and the construction of storage and transportation facilities for phase II of Tianjin LNG project, etc. The capital expenditure for the refining segment was RMB10.6 billion, mainly for the refining structural upgrading projects in Zhenhai and Anqing, and construction of hydrogen purification project, etc. The capital expenditure for the marketing and distribution segment was RMB9.9 billion, mainly for building oil (gas) stations, integrated energy service stations offering petrol, gas, hydrogen, power, and services and logistics facilities, etc. The capital expenditure for the chemicals segment was RMB29.7 billion, mainly for Zhenhai, Sino-Korea, Hainan and Tianjin ethylene projects, the overseas AGCC project, Jiujiang Aromatics project, Yizheng PTA project, etc. The capital expenditure for corporate and others was RMB900 million, mainly for R&D facilities and information technology projects, etc.

This quarterly results announcement is published in both Chinese and English languages. In the event of any inconsistency between the two versions, the Chinese version shall prevail.

	By Order of the Board
	Ma Yongsheng
	Director and President
	28 October, 2021

4 Appendix

4.1	Quarterly financial statements prepared under China Accounting Standards for Business Enterprises (CASs)

Consolidated Balance Sheet

As at 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	At 30 September 2021		At 31 December 2020
Current assets:
Cash at bank and on hand		203,955		184,412
Financial assets held for trading		3,492		1
Derivative financial assets		32,464		12,528
Accounts receivable		73,568		35,584
Receivables financing		10,281		8,735
Prepayments		13,782		4,857
Other receivables		30,868		33,603
Inventories		198,109		151,951
Other current assets		18,143		23,773
Total current assets		584,662		455,444
Non-current assets:
Long-term equity investments		203,791		188,342
Other equity instrument investments		1,665		1,525
Fixed assets		580,641		589,730
Construction in progress		143,454		124,864
Right-of-use assets		187,027		189,583
Intangible assets		115,763		114,066
Goodwill		8,610		8,620
Long-term deferred expenses		9,793		9,580
Deferred tax assets		27,045		25,054
Other non-current assets		24,831		27,637
Total non-current assets		1,302,620		1,279,001
Total assets		1,887,282		1,734,445

Consolidated Balance Sheet (Continued)

Current liabilities:
Short-term loans	37,562	20,756
Derivative financial liabilities	8,949	4,826
Bills payable	15,560	10,394
Accounts payable	215,846	151,329
Contract liabilities	137,168	126,193
Employee benefits payable	21,039	7,083
Taxes payable	35,523	76,849
Other payables	104,116	84,705
Non-current liabilities due within one year	29,896	22,493
Other current liabilities	32,183	17,775
Total current liabilities	637,842	522,403
Non-current liabilities:
Long-term loans	49,167	45,459
Debentures payable	40,300	38,356
Lease liabilities	171,986	172,306
Provisions	46,570	45,552
Deferred tax liabilities	10,945	8,124
Other non-current liabilities	19,456	17,947
Total non-current liabilities	338,424	327,744
Total liabilities	976,266	850,147
Shareholders’ equity:
Share capital	121,071	121,071
Capital reserve	120,674	123,808
Other comprehensive income	4,269	1,038
Specific reserve	2,769	1,941
Surplus reserves	209,280	209,280
Retained earnings	311,283	285,747
Total equity attributable to shareholders of the Company	769,346	742,885
Minority interests	141,670	141,413
Total shareholders’ equity	911,016	884,298
Total liabilities and shareholders’ equity	1,887,282	1,734,445

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Balance Sheet

As at 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	At 30 September 2021		At 31 December 2020
Current assets：
Cash at bank and on hand		94,267		99,188
Derivative financial assets		19,876		7,776
Accounts receivable		24,380		21,763
Receivables financing		1,260		707
Prepayments		6,304		2,626
Other receivables		35,412		37,938
Inventories		49,593		39,034
Other current assets		19,347		14,048
Total current assets		250,439		223,080
Non-current assets：
Long-term equity investments		354,437		343,356
Other equity instrument investments		428		428
Fixed assets		278,330		283,695
Construction in progress		61,548		59,880
Right-of-use assets		107,119		108,737
Intangible assets		8,613		8,779
Long-term deferred expenses		2,714		2,499
Deferred tax assets		14,277		12,661
Other non-current assets		34,885		26,828
Total non-current assets		862,351		846,863
Total assets		1,112,790		1,069,943
Current liabilities：
Short-term loans		20,890		20,669
Derivative financial liabilities		7,070		362
Bills payable		7,745		6,061
Accounts payable		79,474		65,779
Contract liabilities		6,932		5,840
Employee benefits payable		10,347		1,673
Taxes payable		19,919		43,500
Other payables		199,554		188,568
Non-current liabilities due within one year		19,069		12,026
Other current liabilities		17,533		439
Total current liabilities		388,533		344,917

Company Balance Sheet (Continued)

Non-current liabilities：
Long-term loans	33,983	30,413
Debentures payable	28,984	26,977
Lease liabilities	105,614	105,691
Provisions	37,142	36,089
Other non-current liabilities	3,484	3,581
Total non-current liabilities	209,207	202,751
Total liabilities	597,740	547,668
Shareholders’ equity：
Share capital	121,071	121,071
Capital reserve	68,514	68,976
Other comprehensive income	10,486	5,910
Specific reserve	1,473	1,189
Surplus reserves	209,280	209,280
Retained earnings	104,226	115,849
Total shareholders’ equity	515,050	522,275
Total liabilities and shareholders’ equity	1,112,790	1,069,943

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Consolidated Income Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	The third quarter of 2021 (July- September)			The third quarter of 2020 (July- September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
I. Operating income		741,638			519,420			2,003,350			1,552,536
II. Total Operating costs		714,981			493,877			1,918,388			1,551,429
Including: Operating costs		604,085			390,310			1,603,978			1,263,994
Taxes and surcharges		65,937			64,505			186,806			173,218
Selling and distribution expenses		16,611			15,926			48,330			45,451
General and administrative expenses		19,876			16,177			55,695			47,758
Research and development costs		2,952			3,159			8,311			7,478
Financial expenses		2,353			2,156			7,255			7,421
Including: Interest expenses		3,898			3,836			11,557			11,921
Interest income		1,459			1,357			4,121			3,624
Exploration expenses, including dry holes		3,167			1,644			8,013			6,109
Add: Other income		427			1,991			1,671			4,458
Investment income		4,630			36,423			9,520			42,057
Including: Income from investment in associates and joint ventures		5,903			1,716			17,036			1,724
Gains/(losses) from changes in fair value		(1,228	)		1,628			(1,112	)		1,738
Credit impairment losses		(195	)		(741	)		(140	)		(842	)
Impairment losses		(110	)		252			(1,036	)		(11,415	)
Asset disposal gains		152			479			433			583
III. Operating profit		30,333			65,575			94,298			37,686
Add: Non-operating income		500			498			1,196			1,182
Less: Non-operating expenses		670			906			1,751			1,883
IV. Profit before taxation		30,163			65,167			93,743			36,985
Less: Income tax expense		5,970			11,828			20,948			6,045
V. Net profit		24,193			53,339			72,795			30,940
Including: net gain/(loss) of acquiree before business combination under common control		-			115			74			(74	)
Classification by going concern:
(i) Continuous operating net profit		24,193			53,339			72,795			30,940
(ii) Termination of net profit		-			-			-			-

Consolidated Income Statement (Continued)

Classification by ownership:
(i) Equity shareholders of the Company	20,665		46,465		59,892		23,492
(ii) Minority interests	3,528		6,874		12,903		7,448
VI. Other comprehensive income	3,355		(976	)	11,463		(3,388	)
Items that may not be reclassified subsequently to profit or loss:	1		(1	)	9		(31	)
Changes in fair value of other equity instrument investments	1		(1	)	9		(31	)
Items that may be reclassified subsequently to profit or loss:	3,354		(975	)	11,454		(3,357	)
Other comprehensive income that can be converted into profit or loss under the equity method	87		(485	)	208		(2,266	)
Cost of hedging reserve	(20	)	-		(60	)	-
Cash flow hedges	3,066		2,000		11,706		340
Foreign currency translation differences	221		(2,490	)	(400	)	(1,431	)
VII. Total comprehensive income	27,548		52,363		84,258		27,552
Equity shareholders of the Company	24,094		45,912		71,305		20,726
Minority interests	3,454		6,451		12,953		6,826
VIII. Earnings per share
(i) Basic earnings per share (RMB/Share)	0.171		0.384		0.495		0.194
(ii) Diluted earnings per share (RMB/Share)	0.171		0.384		0.495		0.194

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Income Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	The third quarter of 2021 (July- September)			The third quarter of 2020 (July- September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
I. Operating income		265,651			199,451			734,773			558,026
Less: Operating costs		203,170			142,631			566,597			430,434
Taxes and surcharges		39,146			40,363			111,871			110,502
Selling and distribution expenses		884			794			2,750			2,269
General and administrative expenses		9,353			6,675			25,739			21,681
Research and development costs		2,637			2,918			7,599			6,968
Financial expenses		2,845			2,167			8,227			6,701
Including: Interest expenses		2,228			1,982			6,421			6,011
Interest income		662			173			1,822			673
Exploration expenses, including dry holes		2,847			1,466			7,029			5,176
Add: Other income		201			1,264			944			3,158
Investment income		12,337			30,272			22,939			36,871
Including:Income from investment in associates and joint ventures		1,979			842			6,345			1,386
Gains/(losses) from changes in fair value		(243	)		(2	)		(11	)		358
Credit impairment losses		6			21			8			51
Impairment losses		1			101			(752	)		(7,993	)
Asset disposal gains		9			16			6			29
II. Operating profit		17,080			34,109			28,095			6,769
Add: Non-operating income		(7	)		100			196			203
Less: Non-operating expenses		289			336			808			780
III. Profit before taxation		16,784			33,873			27,483			6,192
Less: Income tax expense		1,381			4,449			4,194			(3,675	)
IV. Net profit		15,403			29,424			23,289			9,867
(i) Continuous operating net profit		15,403			29,424			23,289			9,867
(ii) Termination of net profit		-			-			-			-
V. Other comprehensive income		4,444			51			10,398			(2,634	)
Items that may be reclassified subsequently to profit or loss		4,444			51			10,398			(2,634	)
Other comprehensive loss that can be converted into profit or loss under the equity method		90			(210	)		108			(304	)
Cash flow hedges		4,354			261			10,290			(2,330	)
VI. Total comprehensive income		19,847			29,475			33,687			7,233

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Consolidated Cash Flow Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of services		2,113,844			1,706,038
Refund of taxes and levies		934			2,733
Other cash received relating to operating activities		109,212			156,647
Sub-total of cash inflows		2,223,990			1,865,418
Cash paid for goods and services		(1,653,394	)		(1,311,745	)
Cash paid to and for employees		(56,273	)		(51,786	)
Payments of taxes and levies		(276,182	)		(236,478	)
Other cash paid relating to operating activities		(122,418	)		(181,179	)
Sub-total of cash outflows		(2,108,267	)		(1,781,188	)
Net cash flow from operating activities		115,723			84,230
II. Cash flows from investing activities:
Cash received from disposal of investments		6,614			7,962
Cash received from returns on investments		6,461			6,746
Net cash received from disposal of fixed assets, intangible assets and other long-term assets		919			1,899
Net cash received from disposal of subsidiaries and other business entities		4,764			48
Other cash received relating to investing activities		26,431			41,758
Sub-total of cash inflows		45,189			58,413
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(88,362	)		(81,208	)
Cash paid for acquisition of investments		(18,595	)		(7,407	)
Cash paid for acquisition of subsidiaries and other business units		(1,114	)		(26	)
Other cash paid relating to investing activities		(36,949	)		(73,344	)
Sub-total of cash outflows		(145,020	)		(161,985	)
Net cash flow used in investing activities		(99,831	)		(103,572	)
III. Cash flows from financing activities:
Cash received from capital contributions		604			3,395

Including: Cash received from minority shareholders’ capital contributions to subsidiaries

604

3,395

Consolidated Cash Flow Statement (Continued)

Cash received from borrowings	298,393		492,002
Other cash received relating to financing activities	115		812
Sub-total of cash inflows	299,112		496,209
Cash repayments of borrowings	(252,759	)	(407,406	)
Cash paid for dividends, profits distribution or interest	(44,039	)	(31,079	)
Including: Subsidiaries’ cash payments for distribution of dividends or profits to minority shareholders	(5,741	)	(3,482	)
Other cash paid relating to financing activities	(14,762	)	(11,080	)
Sub-total of cash outflows	(311,560	)	(449,565	)
Net cash flow (used in)/from financing activities	(12,448	)	46,644
IV. Effects of changes in foreign exchange rate	(177	)	(458	)
V. Net increase in cash and cash equivalents	3,267		26,844
Add: Initial balance of cash and cash equivalents	87,559		60,438
VI. Ending balance of cash and cash equivalents	90,826		87,282

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Cash Flow Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
I. Cash flows from operating activities:
Cash received from sale of goods and rendering of services		805,374			628,381
Refund of taxes and levies		602			2,428
Other cash received relating to operating activities		8,306			3,458
Sub-total of cash inflows		814,282			634,267
Cash paid for goods and services		(582,164	)		(408,733	)
Cash paid to and for employees		(29,678	)		(26,693	)
Payments of taxes and levies		(154,927	)		(138,726	)
Other cash paid relating to operating activities		(14,208	)		(11,772	)
Sub-total of cash outflows		(780,977	)		(585,924	)
Net cash flow from operating activities		33,305			48,343
II. Cash flows from investing activities:
Cash received from disposal of investments		16,642			12,587
Cash received from returns on investments		17,791			14,860
Net cash received from disposal of fixed assets, intangible assets and other long-term assets		56			6,558
Other cash received relating to investing activities		93,230			99,053
Sub-total of cash inflows		127,719			133,058
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets		(38,050	)		(35,223	)
Cash paid for acquisition of investments		(37,610	)		(15,484	)
Cash paid for acquisition of subsidiaries and other business units		(964	)		-
Other cash paid relating to investing activities		(93,843	)		(118,376	)
Sub-total of cash outflows		(170,467	)		(169,083	)
Net cash flow used in investing activities		(42,748	)		(36,025	)
III. Cash flows from financing activities:
Cash received from borrowings		151,145			194,538
Other cash received relating to financing activities		220,822			164,714
Sub-total of cash inflows		371,967			359,252
Cash repayments of borrowings		(121,860	)		(140,761	)
Cash paid for dividends or interest		(41,086	)		(26,661	)
Other cash paid relating to financing activities		(206,415	)		(186,971	)
Sub-total of cash outflows		(369,361	)		(354,393	)
Net cash flow from financing activities		2,606			4,859

Cash Flow Statement (Continued)

IV. Net (decrease)/increase in cash and cash equivalents	(6,837	)	17,175
Add：Initial balance of cash and cash equivalents	28,082		38,616
V. Ending balance of cash and cash equivalents	21,245		55,791

Ma Yongsheng	Shou Donghua
Director, President	Chief Financial Officer

Segment Reporting

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Income from principal operations
Exploration and production
External sales		104,139			71,021
Inter–segment sales		61,683			44,839
Subtotal		165,822			115,860
Refining
External sales		122,468			80,475
Inter–segment sales		862,628			603,990
Subtotal		985,096			684,465
Marketing and distribution
External sales		977,324			788,682
Inter–segment sales		4,745			3,666
Subtotal		982,069			792,348
Chemicals
External sales		307,583			232,041
Inter–segment sales		48,924			39,440
Subtotal		356,507			271,481
Corporate and others
External sales		446,160			350,319
Inter–segment sales		527,164			333,470
Subtotal		973,324			683,789
Elimination of inter–segment sales		(1,505,144	)		(1,037,092	)
Consolidated income from principal operations		1,957,674			1,510,851
Income from other operations
Exploration and production		5,011			4,494
Refining		3,729			3,224
Marketing and distribution		27,216			26,052
Chemicals		8,164			6,402
Corporate and others		1,556			1,513
Consolidated income from other operations		45,676			41,685
Consolidated operating income		2,003,350			1,552,536

Segment Reporting (Continued)

Operating profit/(loss)
By segment
Exploration and production	7,673		(9,726	)
Refining	53,284		(15,866	)
Marketing and distribution	22,416		14,634
Chemicals	14,894		6,491
Corporate and others	4,609		(4,378	)
Elimination	(11,835	)	5,116
Total segment operating profit/(loss)	91,041		(3,729	)
Investment income
Exploration and production	2,698		14,413
Refining	785		13,251
Marketing and distribution	1,626		11,268
Chemicals	7,500		(28	)
Corporate and others	(3,089	)	3,153
Total segment investment income	9,520		42,057
Financial expenses	(7,255	)	(7,421	)
Gains/(losses) from changes in fair value	(1,112	)	1,738
Asset disposal gains	433		583
Other income	1,671		4,458
Operating profit	94,298		37,686
Add: Non-operating income	1,196		1,182
Less: Non-operating expenses	1,751		1,883
Profit before taxation	93,743		36,985

4.2	Quarterly financial statements prepared under International Financial Reporting Standards (IFRS)

Consolidated Income Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Current Amount (July- September)			Amount of the previous period (July- September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Revenue
Revenue from primary business		725,543			503,988			1,957,674			1,510,851
Other operating revenues		16,095			15,432			45,676			41,685
		741,638			519,420			2,003,350			1,552,536
Operating expenses
Purchased crude oil, products and operating supplies and expenses		(577,122	)		(363,072	)		(1,524,194	)		(1,198,000	)
Selling, general and administrative expenses		(13,338	)		(14,455	)		(39,147	)		(38,850	)
Depreciation, depletion and amortisation		(28,191	)		(26,276	)		(82,495	)		(77,764	)
Exploration expenses, including dry holes		(3,167	)		(1,644	)		(8,013	)		(6,109	)
Personnel expenses		(24,808	)		(22,481	)		(69,892	)		(61,003	)
Taxes other than income tax		(65,937	)		(64,505	)		(186,806	)		(173,218	)
Impairment losses on trade and other receivables		(195	)		(741	)		(140	)		(842	)
Other operating (expense)/income, net		(2,287	)		428			(7,857	)		8,303
Total operating expenses		(715,045	)		(492,746	)		(1,918,544	)		(1,547,483
Operating profit		26,593			26,674			84,806			5,053
Finance costs
Interest expense		(3,898	)		(3,836	)		(11,557	)		(11,921	)
Interest income		1,459			1,357			4,121			3,624
Foreign currency exchange gain, net		86			323			181			876
Net finance costs		(2,353	)		(2,156	)		(7,255	)		(7,421	)
Investment income		79			38,721			193			38,790
Share of profits less losses from associates and joint ventures		5,903			1,716			17,036			1,724
Profit before taxation		30,222			64,955			94,780			38,146
Income tax expense		(5,970	)		(11,828	)		(20,948	)		(6,045	)
Profit for the period		24,252			53,127			73,832			32,101
Attributable to：
Shareholders of the Company		20,727			46,274			60,755			24,445
Non-controlling interests		3,525			6,853			13,077			7,656
Profit for the period		24,252			53,127			73,832			32,101
Earnings per share：
Basic earnings per share (RMB)		0.171			0.382			0.502			0.202
Diluted earnings per share (RMB)		0.171			0.382			0.502			0.202

Consolidated Statement of Comprehensive Income

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Current Amount (July- September)			Amount of the previous period (July-September)			Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Profit for the period		24,252			53,127			73,832			32,101
Other comprehensive income:		3,355			(976	)		11,463			(3,388	)
Items that may not be reclassified subsequently to profit or loss:
Equity investments at fair value through other comprehensive income		1			(1	)		9			(31	)
Items that may be reclassified subsequently to profit or loss:
Share of other comprehensive income of associates and joint ventures		87			(485	)		208			(2,266	)
Cash flow hedges		3,066			2,000			11,706			340
Cost of hedging reserve		(20	)		-			(60	)		-
Foreign currency translation differences		221			(2,490	)		(400	)		(1,431	)
Total comprehensive income for the period		27,607			52,151			85,295			28,713
Attributable to:
Shareholders of the Company		24,153			45,721			72,165			21,679
Non-controlling interests		3,454			6,430			13,130			7,034

Consolidated Balance Sheet

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	At 30 September 2021		At 31 December 2020
Non-current assets：
Property, plant and equipment, net		580,430		589,693
Construction in progress		143,454		124,864
Right-of-use assets		267,068		266,368
Goodwill		8,610		8,620
Interest in associates		143,940		136,163
Interest in joint ventures		59,851		52,179
Financial assets at fair value through other comprehensive income		1,665		1,525
Deferred tax assets		27,045		25,054
Long-term prepayments and other non-current assets		70,557		74,535
Total non-current assets		1,302,620		1,279,001
Current assets:
Cash and cash equivalents		90,826		87,559
Time deposits with financial institutions		113,129		100,498
Financial assets at fair value through profit and loss		3,492		1
Derivatives financial assets		32,464		12,528
Trade accounts receivable		73,568		35,584
Financial assets at fair value through other comprehensive income		10,281		8,735
Inventories		198,109		151,951
Prepaid expenses and other current assets		62,793		58,588
Total current assets		584,662		455,444
Current liabilities：
Short-term debts		64,160		23,769
Loans from Sinopec Group Company and fellow subsidiaries		4,452		5,264
Lease liabilities		15,631		15,292
Derivatives financial liabilities		8,949		4,826
Trade accounts payable and bills payable		231,406		161,723
Contract liabilities		137,168		126,193
Other payables		168,776		178,750
Income tax payable		7,300		6,586
Total current liabilities		637,842		522,403

Consolidated Balance Sheet (Continued)

Net current liabilities	53,180	66,959
Total assets less current liabilities	1,249,440	1,212,042
Non-current liabilities：
Long-term debts	76,505	72,037
Loans from Sinopec Group Company and fellow subsidiaries	12,962	11,778
Lease liabilities	171,986	172,306
Deferred tax liabilities	10,945	8,124
Provisions	46,570	45,552
Other non-current liabilities	20,437	18,965
Total non-current liabilities	339,405	328,762
Total net assets	910,035	883,280
Equity：
Share capital	121,071	121,071
Reserves	647,341	620,845
Total equity attributable to shareholders of the Company	768,412	741,916
Non-controlling interests	141,623	141,364
Total equity	910,035	883,280

Consolidated Cash Flow Statement

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Net cash generated from operating activities(a)		115,723			84,230
Investing activities
Capital expenditure		(77,945	)		(73,011	)
Exploratory wells expenditure		(10,417	)		(8,197	)
Purchase of investments, investments in associates and investments in joint ventures		(11,477	)		(2,733	)
Payment for financial assets at fair value through profit or loss		(8,232	)		(4,700	)
Proceeds from sale of financial assets at fair value through profit or loss		4,739			6,600
Proceeds from disposal of investments and investments in associates		6,639			1,410
Proceeds from disposal of property, plant, equipment and other non-current assets		919			1,899
Increase in time deposits with maturities over three months		(32,711	)		(64,876	)
Decrease in time deposits with maturities over three months		22,698			39,131
Interest received		2,407			2,627
Investment and dividend income received		6,461			6,746
Proceeds payments of other investing activities		(2,912	)		(8,468	)
Net cash used in investing activities		(99,831	)		(103,572	)
Financing activities
Proceeds from bank and other loans		298,393			492,002
Repayments of bank and other loans		(252,759	)		(407,406	)
Contributions to subsidiaries from non-controlling interests		604			3,395
Dividends paid by the Company		(35,111	)		(23,083	)
Distributions by subsidiaries to non-controlling interests		(5,741	)		(3,482	)
Interest paid		(3,187	)		(4,514	)
Payments made to acquire non-controlling interests		(1,410	)		(1,117	)
Repayments of lease liabilities		(12,778	)		(9,514	)
Proceeds from other financing activities		115			812
Payments of other financing activities		(574	)		(449	)
Net cash (used in) / generated from financing activities		(12,448	)		46,644
Net increase in cash and cash equivalents		3,444			27,302
Cash and cash equivalents at 1 January		87,559			60,438
Effect of foreign currency exchange rate changes		(177	)		(458	)
Cash and cash equivalents at 30 September		90,826			87,282

Note to consolidated statement of Cash Flows

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

(a)	Reconciliation of profit before taxation to net cash generated from operating activities

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Operating activities
Profit before taxation		94,780			38,146
Adjustments for:
Depreciation, depletion and amortisation		82,495			77,764
Dry hole costs written off		5,427			4,516
Share of profits from associates and joint ventures		(17,036	)		(1,724	)
Investment income		(193	)		(38,790	)
Interest income		(4,121	)		(2,360	)
Interest expense		11,557			11,292
Loss/(gain) on foreign currency exchange rate changes and derivative financial instruments		1,203			(2,180	)
Loss/(gain) on disposal of property, plant, equipment and other non-current assets, net		125			(82	)
Impairment loss on assets		1,036			11,415
Credit impairment loss		140			842
Operating profit before change of operating capital		175,413			98,839
Accounts receivable and other current assets		(62,170	)		3,735
Inventories		(46,627	)		8,450
Accounts payable and other current liabilities		69,532			(16,652	)
Subtotal		136,148			94,372
Income tax paid		(20,425	)		(10,142	)
Net cash generated from operating activities		115,723			84,230

Segment Reporting

For the nine-month period ended 30 September 2021

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021			Nine-month period ended 30 September 2020
Revenue from primary business
Exploration and production
External sales		104,139			71,021
Inter-segment sales		61,683			44,839
Subtotal		165,822			115,860
Refining
External sales		122,468			80,475
Inter-segment sales		862,628			603,990
Subtotal		985,096			684,465
Marketing and distribution
External sales		977,324			788,682
Inter-segment sales		4,745			3,666
Subtotal		982,069			792,348
Chemicals
External sales		307,583			232,041
Inter-segment sales		48,924			39,440
Subtotal		356,507			271,481
Corporate and others
External sales		446,160			350,319
Inter-segment sales		527,164			333,470
Subtotal		973,324			683,789
Elimination of inter-segment sales		(1,505,144	)		(1,037,092	)
Revenue from primary business		1,957,674			1,510,851
Other operating revenues
Exploration and production		5,011			4,494
Refining		3,729			3,224
Marketing and distribution		27,216			26,052
Chemicals		8,164			6,402
Corporate and others		1,556			1,513
Other operating revenues		45,676			41,685
Revenue		2,003,350			1,552,536

Result
Operating profit/(loss)

Segment Reporting (Continued)

By segment
Exploration and production	8,708		(6,479	)
Refining	53,541		(15,080	)
Marketing and distribution	21,628		16,958
Chemicals	15,564		7,054
Corporate and others	(2,800	)	(2,516	)
Elimination	(11,835	)	5,116
Total segment operating profit	84,806		5,053
Share of profits from associates and joint ventures
Exploration and production	2,134		1,208
Refining	728		(2,177	)
Marketing and distribution	2,678		1,171
Chemicals	7,556		(40	)
Corporate and others	3,940		1,562
Aggregate share of profits from associates and joint ventures	17,036		1,724
Investment income
Exploration and production	62		13,205
Refining	(1	)	15,389
Marketing and distribution	10		9,092
Chemicals	(56	)	10
Corporate and others	178		1,094
Aggregate investment income	193		38,790
Net finance costs	(7,255	)	(7,421	)
Profit before taxation	94,780		38,146

4.3	Differences between consolidated financial statements prepared in accordance with the accounting policies complying with the accounting policies complying with CASs and IFRS (Unaudited)

Other than the differences in the classifications of certain financial statements captions and the accounting for the items described below, there are no material differences between the Group’s consolidated financial statements prepared in accordance with the accounting policies complying with CASs and IFRS. The reconciliation presented below is included as supplemental information, is not required as part of the basic financial statements and does not include differences related to classification, presentation or disclosures. Such information has not been subject to independent audit or review. The major differences are:

(i) Government grants

Under CASs, grants from the government are credited to capital reserve if required by relevant governmental regulations. Under IFRS, government grants relating to the purchase of fixed assets are recognised as deferred income and are transferred to the income statement over the useful life of these assets.

(ii) Safety production fund

Under CASs, safety production fund should be recognised in profit or loss with a corresponding increase in reserve according to PRC regulations. Such reserve is reduced for expenses incurred for safety production purposes or, when safety production related fixed assets are purchased, is reduced by the purchased cost with a corresponding increase in the accumulated depreciation. Such fixed assets are not depreciated thereafter. Under IFRS, payments are expensed as incurred, or capitalised as fixed assets and depreciated according to applicable depreciation methods.

Effects of major differences between the net profit under CASs and the profit for the period under

IFRS are analysed as follows:

Prepared by: China Petroleum & Chemical Corporation

Units: million Currency: RMB Type: unaudited

Items	Nine-month period ended 30 September 2021		Nine-month period ended 30 September 2020
Net profit under CASs		72,795		30,940
Adjustments:
Government grants(i)		37		40
Safety production fund(ii)		1,000		1,126
Other		-		(5	)
Profit for the period under IFRS		73,832		32,101

Effects of major differences between the shareholders’ equity under CASs and the total equity under IFRS are analysed as follows:

Units: million Currency: RMB Type: unaudited

Items	As of 30 September 2021			As of 31 December 2020
Shareholders’ equity under CASs		911,016			884,298
Adjustments:
Government grants(i)		(981	)		(1,018	)
Total equity under IFRS		910,035			883,280

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

China Petroleum & Chemical Corporation

By: /s/ Huang Wensheng

Name: Huang Wensheng

Title: Vice President and Secretary to the Board of Directors

Date: October 29, 2021