Jilin Chemical Industrial Company Limited Announces Resolutions Passed at the Board Meeting

Share Name	Share Symbol	Market	Type
Elements DB China	NYSE:JCC	NYSE	Ordinary Share

Jilin (NYSE:JCC)
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HONG KONG, Oct. 28 /Xinhua-PRNewswire/ -- The board of directors of Jilin Chemical Industrial Company Limited (the "Company") (HKSE: 368, NYSE: JCC) held a meeting on October 28, 2005 at No. 9 Longtan Street, Longtan District, Jilin City, Jilin Province, China to approve the third quarterly report for 2005 of the Company. The Company's quarterly financial statements prepared under PRC GAAP were unaudited. For the nine months ended September 30, 2005, the Group had processed 5.07 million tons of crude oil and recorded a sales revenue from principal operation of approximately RMB 23,129.52 million, representing an increase of 14.09% as compared with the same period of 2004 and a net loss of approximately RMB 151.43 million. As at 30 September 2005, the shareholders' equity was RMB 5,704.11 million, representing decrease of 2.55% as compared with 31 December 2004. During the third quarter of 2005, the Company adopted effective measures to ensure its production facilities operating in a safe and stable manner and at full utilization rate, enlarged sales volume of its high margin products, adjusted its product sales strategy in a timely manner and controlled stringently on costs and expenses. However, the Company recorded a loss due to the increase in the price of crude oil to a high level which could not be offset by the increase in the price of refined oil and the disposals and provisions for the impairment of certain fixed assets. If the prices of refined oil and crude oil which are controlled by the State remain unchanged in the future, it is expected that the Company would record a loss of approximately 600 million in 2005. The Company is one of the largest producers of basic chemical and chemical raw materials, and one of the largest diversified chemical enterprises in the PRC. Its primary business consists of the production of petroleum products, petrochemical and organic chemical products, synthetic rubber products, chemical fertilizers and other chemical products. This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the PRC economy may not grow at the same rate in future periods as it has in the last several years, or at all, including as a result of the PRC government's macro-economic control measures to curb over-heating; uncertainty as to global economic growth in future periods; the risk that prices of the Company's raw materials, particularly crude oil, will continue to increase but that the Company may not be able to raise its prices accordingly which would adversely affect the Company's profitability; the risk that new marketing and sales strategies may not be effective; the risk that fluctuations in demand for the Company's products may cause the Company to either over-invest or under-invest in production capacity in its major production categories; the risk that investments in new technologies and development cycles may not produce the benefits anticipated by management; the risk that the trading price of the Company's shares may decrease for a variety of reasons, some of which may be beyond the control of management; competition in the Company's existing and potential markets; and other risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update this forward-looking information, except as required under applicable law. For further information, please contact: Jilin Chemical Industrial Tel: (86) 432-390 3651 Company Limited Mr. Li Chunqing Fax: (86) 432-302 8126 E-mail: Fortune China Public Tel: (852) 2838 1162 Relations Ltd. Ms. Nellie Chan Fax: (852) 2834 5109 E-mail: DATASOURCE: Jilin Chemical Industrial Company Limited CONTACT: Mr. Li Chunqing of Jilin Chemical Industrial Company Limited, +86-432-390-3651, fax, +86-432-302-8126, , or Ms. Nellie Chan of Fortune China Public Relations Ltd., +852-2838-1162, fax, +852-2834-5109,

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JCC Elements DB China