Saudi Aramco, Total take first step towards joint Jubail refinery and petrochemical complex

The award of this important contract is a strong indication of the commitment of SATORP's shareholders, namely the Saudi Arabian Oil Company (Saudi Aramco) and the multinational energy company Total, to pursue their plan for this joint venture project, formed immediately after signing the Partnership Agreement on July 22, 2008.

This contract award , which entails developing 2.3 square miles (6 square kilometers) 600 hectares with the basic infrastructure and support facilities to accommodate a camp for 30,000 workers, temporary offices for 3,000 supervisory personnel and lay down area for material handling and storage. It has been assigned to Saudi Arabian contractor, Contracting & Construction Enterprises Ltd. (CCE Ltd.).

The award of this important contract is a strong indication that an early commitment from the part of SATORP's shareholders, namely the Saudi Arabian Oil Company (Saudi Aramco) and the French company Total, to pursue their plan for this joint venture project, formed immediately after signing the partnership agreement on July 22, 2008.

According to SATORP Chairman Dr. Samir Tubayyeb, said:

"This contract award signifies, at this time and under these market conditions, the vision and commitment of both partners to proceed with our project." Construction of all facilities is to be completed by the fourth quarter of 2012, while commercial operation of the facilities is scheduled for March 2013."

The scope of the project is to build and operate a world class grass-roots refinery, processing 400,000 barrels per day of Arabian Heavy crude to produce gasoline, diesel, jet fuel and petrochemical products for export and domestic consumption. In addition to proximity to the source of Arabian Heavy, The prominent location of this refinery in Jubail, at the crossroads linking Asia, Europe and the Middle East, gives the project another competitive advantage in promising number of markets.

SATORP CEO Salem H. Shaheen said, "Our Project Teams are ready to mobilize to contractors' LSTK oOffices worldwide. We expect to receive very competitive bids, reflecting the current and future EPC market conditions, which will allow us to proceed."

Saudi Aramco Total Refining & Petrochemical Company (SATORP) is a joint venture between Saudi Aramco and Total to conceive, build and operate the second largest refinery in the Kingdom in Jubail, Eastern Province. SATORP will refine crude oil into finished products for local and international markets.