SATORP Profile :: SATORP :: Saudi Aramco Total Refining and Petrochemical Co.

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SATORP Profile

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Signing of the Shareholder’s Agreement June 2008. First from left: Christophe de Margerie, CEO – TOTAL S.A. and Abdullah S. Al-Jum’ah, former President & CEO – Saudi Aramco.

The environmentally friendly Jubail Refinery will produce a high proportion of white products such as diesel, gasoline, LPG, petrochemicals, and jet fuels from low cost heavy crude. Upon completion, the refinery will be the 7th most complex refiner in the world. 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) refining and petrochemical complex (the “Refinery”) located in the Jubail Industrial City on the east coast of the Kingdom.

On June 22, 2008, Saudi Aramco and TOTAL signed the Shareholders Agreement in order to form SAUDI ARAMCO TOTAL Refinery and Petrochemical Company (SATORP). SATORP was established as per the Board of Directors approval on September 21, 2008. Saudi Aramco and TOTAL agreed to subscribe equity interest of 62.5% (Saudi Aramco) and 37.5% (TOTAL) in the Company.

By February 2009 the main Project Agreements were executed. On June 16, 2009, the Board of Directors approved the award of all LSTK contracts which were officially executed on July 7th. Immediately following, the Project Management Team, based in Rome Italy at the time, mobilized their out of kingdom teams to Korea, Japan, Spain, and Singapore. By the beginning of the 3rd quarter 2010, these teams began remobilization to Saudi Arabia, to join the in-kingdom project teams already hard at work in building the refinery’s foundation and infrastructures. Some refinery units are scheduled to begin commissioning by the first quarter of 2012, and continue on to the targeted refinery completion date in the first half of 2013.

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