Saudi Aramco Total Refining and Petrochemical Company

In May 2006, Saudi Arabian Oil Company and TOTAL S.A. signed a Memorandum of Understanding to develop the Jubail Refinery and Petrochemical Project in the Kingdom of Saudi Arabia. The Project entails the development of 400,000 barrels per day (bpd), and will be the first plant built in Jubail Industrial City 2, located in the east coast of the Kingdom of Saudi Arabia. On June 22, 2008, with a share of (62.5%) for Saudi Aramco and (37.5%) for TOTAL, the Shareholders signed an Agreement in order to form SAUDI ARAMCO TOTAL Refining and Petrochemical Company (SATORP), which was officially established on September 21, 2008. During 2009 when the main Project Agreements were executed, and while the in kingdom Project Team was building the refinery’s foundation and infrastructures; the out of kingdom Project Management Team, based in Rome Italy, mobilized their teams to Korea, Japan, and Spain for project execution’s preparations. In the beginning of the 3rd quarter 2010, these out of kingdom teams began remobilization to Saudi Arabia, to join the in-kingdom Project Team and continue creating SATORP