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Feasibility Study for Rabigh Project Phase II

Result and recommendation will be presented to Petro Rabigh General Assembly prior commitments.


Dhahran, April 2009: Petro Rabigh Refining and Petro Rabigh Refining & Petrochemical Company (Petro Rabigh) assigned on Sunday, April 19, 2009 the Memorandum of Understanding for Rabigh Project Phase 2 along with the Saudi Arabian Oil Company (Saudi Aramco) and Sumitomo Chemical Company of Japan, the main shareholder in Petro Rabigh Projects, to perform the feasibility study for the potential Rabigh Project Phase 2.

Petro Rabigh would like to advise its all shareholders that Memorandum of Understanding (MOU) does not include any expenditures or financial commitment from Petro Rabigh, and at this stage it is an initiative of Saudi Aramco and Sumitomo Chemical.

In case of positive result of this feasibility study on this potential project, the project and study result will be presented to Petro Rabigh Board of Directors (BOD), for proper recommendation which, will be then presented to shareholders through general assembly to approve this project as an expansion of Petro Rabigh Project. Further, needed actions will be taken accordingly.
    
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