PetroChina International (America), INC.
CHINAOIL

............................................................................................................

To: Bitumenes Orinoco, S.A.
Attn: Mr. José Sanabria / Manager
Fax: +58-212-2813990
CC: Mr. Lu Jianchi / Mr. Wang Shaoxian / Mr. Qin Yu
Fax: +58-212-2676423
From: PetroChina International (America), INC.
Date: April 14, 2004

Dear Mr. Sanabria:

In order to maintain the domestic market in China for Orimulsion and the long term business relationship with your company, we, CHINAOIL, have made the further efforts with our receivers to accomodate the current price structure.

We hereby present the best and firm offer to purchase a spot cargo.

1. Product Type: Orimulsion
2. Delivery period: End of April or any May, 2004 to be narrowed.
3. Quantity: 300,000MTS
4. FOB price: USD60/MT. [14 Dólares americanos por barril]
5. Other terms and condition shall be same as the last contract between us.

Please advise the your possible volume and lifting date range for our review. Looking forward to hearing your comments to the above. Please me a call at +1-201-4505581 to discuss further.

Thanks and best regards,

Wang Lei
Vice President
PetroChina International (American), INC.
On and Behalf of China National United Oil Corporation
Tel: +1-201-4505581
Fax: +1-201-3020966
Email: wang.lei@chinaoil.com.cn

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