Singapore, 26 May 2005 - China Aviation Oil (Singapore) Corporation Ltd ("the Company") would like to announce that the High Court of Singapore has adjourned the hearing of the judicial management petition presented by SK Energy Asia Pte Ltd ("SK Energy") to 13 June 2005, which is after the creditors' meeting on 8 June 2005 to consider and approve the Company's Scheme of Arrangement.

The adjournment was granted by the High Court today at the request of the petitioner, SK Energy, and agreed to by the Company. The Company is pleased with this new development as it is a positive step in the Company's plan to have a consensual restructuring scheme with its creditors. The Company can now focus on the debt restructuring exercise under the Scheme of Arrangement.