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Opportunities for investment in the refining sector

Jean-Jacques Mosconi. Opportunities for investment in the refining sector. The Saudi Arabian Energy Event Dammam, November 20, 2006. 35. 1.3. Arab light vs. Arab heavy. Gasoil vs. fuel oil. 34. 1.2. 33. 1.1. Brent. 32. 1. 31. 0.9. 1985. 1990. 1995. 2000. 2005. 2010. 2015.

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Opportunities for investment in the refining sector

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  1. Jean-Jacques Mosconi Opportunities for investment in the refining sector The Saudi Arabian Energy Event Dammam, November 20, 2006

  2. 35 1.3 Arab light vs. Arab heavy Gasoil vs.fuel oil 34 1.2 33 1.1 Brent 32 1 31 0.9 1985 1990 1995 2000 2005 2010 2015 2020 2025 ° API % Sulphur 2002 2003 2004 2005 Increasing need for conversion and desulphurization capacities to process heavier and sourer crudes Crude price and conversion margin °API and % sulphur of crude production 2

  3. Saudi Arabia : two major projects initiated by Saudi Aramco to upgrade the future heavy crude productions Safaniya & Manifa oil fields YANBU JUBAIL YANBU Capacity 400 Kb/d JUBAIL Capacity 400 Kb/d New refinery Expansion with Petrochemicals Existing site 3

  4. The Jubail site, a modern and attractive infrastructure Crude oil and gas pipelines corridor, going south to Ras Tanura ARAB HEAVY CRUDE OIL • JUBAIL 2 • Development area in • progress • Area reserved for the • JV and its future extensions • JUBAIL 1 • SASREF • (JV 50/50 Shell/Aramco) • Petrochemicals • Steel industry • Fertilizers, Chemicals • Finished products • shipping area of the JV • to be reclaimed Available jetties for the JV

  5. Jubail project : a world-class, full conversion, export refinery • Capacity:400 kb/d • Ownership: Saudi Aramco 35 % - Total 35 % - IPO 30 % • Capex:6.6 G$ • Crude:Arab Heavy (dedicated productions) • Design:CCR + FCC + DHC + delayed coker + 650 kt paraxylene unit • Products:Middle distillates (55%), gasoline (20%) Benzene, propylene & naphtha (5%). No heavy fuels • Feed:started in July 2006 – $170 Million • Start up:mid 2011 Safaniya & Manifa oilfields Jubail Site 5

  6. Assets of the project • Construction of a world-class refinery : • Full conversion refinery • Export-oriented refinery Gasoline ► US/Asia Middle-distillates ► Europe/Asia Naphtha ► Asia • Highly flexible gasoline production • Integration with Petrochemicals: PX, Benzene, Propylene • Direct access to the largest offshore field in the world • Refinery situated in an industrial site with all facilities (port, pipelines, …) After Core Venture 3 (Gas Exploration Production) and partnerships in downstream specialties business, a new key step in the ARAMCO-TOTAL relationship

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