On 12 September 2005, SPRL and Huayou, a wholly-owned subsidiary of China National Petroleum Corporation (CNPC – 中国石油天然气集团公司), entered into a co-operation agreement. According to the agreement, Huayou undertakes to distribute the marine fuel oil produced or extracted from the Buton Bitumen Mine for a tenure of 10 years from the date of the co-operation agreement and SPRL agreed to supply not less than 1,200,000 metric tons of marine fuel oil to Huayou for the first year after production or extraction of the marine fuel oil from the Buton Bitumen Mine which is estimated to be prior to the year 2007.

Huayou is a wholly-owned subsidiary of CNPC, CNPC is one of the two largest state-owned petroleum corporations in the PRC in 2005. CNPC currently holds two Hong Kong listed subsidiaries, namely PetroChina Company Limited and CNPC (Hong Kong) Limited.

The business of Huayou is well diversified which covers the production and marketing of oil and gas products, development and exploration of natural gas, production and distribution of high grade lubricating oil, development of chemical agents used in oil fields and the refining industry, and production of advanced building materials, etc.

Co-operation Agreement with China Everbright Petroleum Exploitation & Investment Co., Ltd.

On 14 March 2006, Sino Prosper Asphalt Investment Limited (SPAI), a wholly-owned subsidiary of the SP Holdings Ltd., and China Everbright Petroleum Exploitation & Investment (中国光大石油天然氣開發投資有限公司), a wholly-owned subsidiary of China Everbright Group (中国光大集团), have entered into a co-operation agreement. China Everbright Petroleum Exploitation & Investment undertakes to distribute the asphalt and asphaltic rocks produced or extracted from the Buton Bitumen Mine for a tenure of 10 years from the date of the co-operation agreement and SPAI agreed to supply not less than 1,000,000 metric tons of asphalt and asphaltic rocks to China Everbright Petroleum Exploitation & Investment in the first year after the commencement of the production of asphalt and asphaltic rocks from the Buton Bitumen Mine which is estimated to be prior to the year 2007 and increase the supply thereafter in accordance with the production output of the Buton Bitumen Mine.

China Everbright Petroleum Exploitation & Investment is a subsidiary of China Everbright Group which is a core state-owned enterprise under the jurisdiction of the PRC government. China Everbright Group mainly focuses on the financial sector and its businesses cover banking, securities, insurance and investment management. China Everbright Group controls over sixty directly affiliated enterprises and it currently holds two Hong Kong listed subsidiaries, namely China Everbright Limited and China Everbright International Limited.

China Everbright Petroleum Exploitation & Investment invests in and operates a well-developed, vertically integrated petroleum and natural gas system. In addition to petroleum and natural gas development, storage, distribution and sales, China Everbright Petroleum Exploitation & Investment is active in petroleum related high-tech services.