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            PRESIDENT's FOREWORD

One of the most significant developments in world history in the twentieth century was the discovery of the huge petroleum reserves in the Middle East. The development of the petroleum industry in this region brought profound changes to people’s lives, not just in the countries where the petroleum was found, but around the world as well. With its enormous petroleum resources, the Kingdom of Saudi Arabia was destined to play a dominant role on the world’s energy stage, beginning in 1938 when commercial production commenced.

Following in the footsteps of widespread commercial production in the region were advancements in economic development and prosperity. In the Kingdom of Saudi Arabia, the petroleum industry did not stop with exploration and exportation, but grew to include refining, gas processing and petrochemicals. Today, Saudi Aramco, the national oil company of Saudi Arabia, oversees the planet’s largest conventional reserves of crude oil, is the world’s largest producer and exporter of crude oil, leads the world in exporting natural gas liquids (NGL), and is a major player in refining and natural gas. . Saudi Aramco continues to seek new ways to leverage Saudi Arabia’s petroleum resources to stimulate progress and prosperity in the Kingdom and around the globe.

During the Jeddah Energy Meeting of 2008, and building upon their global expertise and capabilities, Saudi Aramco and the international petroleum company Total signed an agreement for establishing a joint venture export refinery: Saudi Aramco Total Refining & Petrochemical Company (SATORP), that will build a world-class, grassroots refinery designed to handle exceptionally high throughput. Apart from the size factor, the project’s plans include other key components aimed at raising productivity and competitiveness, such as an integrated production design that facilitates easy transformation between fuels and petrochemicals, and adopting modern deep conversion technologies geared at producing a high percentage of value-added, light products.

The refinery will occupy a strategic site at Jubail Industrial City on the Arabian Gulf coast, a site carefully chosen for its advantageous location linking countries of the Far East with the West. In addition, its proximity to King Fahd Industrial Port in Jubail will reduce the cost of materials transportation. The protection of the area’s environment and the health of the people who live there are of paramount importance to the Company; and it will fully comply with the environmental regulations issued by the Royal Commission for Jubail and Yanbu'. At the same time, SATORP will follow the most stringent specifications adopted by the industry in order to meet the international environmental standards.

For the effective management of the project, and to contribute to the development of the Kingdom’s human resources, SATORP will utilize highly qualified personnel, most of whom are Saudi nationals. We have already started readying the operational staff, and also have drafted advanced development programs designed to fully prepare freshly graduated Saudi engineers for their future responsibilities. The Company aims to foster the spirit of citizenship and partnership amongst its employees, driven in this goal by a clear corporate vision based on a steadfast mission and lasting corporate values.

                                 Engineer Salem H. Shaheen

President & Chief Executive Officer
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© 2009 SATORP, Saudi Aramco Total Refining and Petrochemical Company.