Rabigh Phase II Project
Memorandum of Understanding signed by Saudi
Aramco, Sumitomo Chemical and Petro Rabigh
DHAHRAN, APRIL 20, 2009 -The Saudi Arabian Oil Company (“Saudi Aramco”),
Sumitomo Chemical Co., Ltd (“Sumitomo Chemical”) and Rabigh Refining andPetrochemical Company (“Petro Rabigh”) yesterday signed the Memorandum ofUnderstanding leading to the conduct of a feasibility study for the development of theRabigh Phase II Project (“Rabigh II Project”) as a major expansion of the existing
petroleum refining and petrochemical production complex (“Rabigh I Project”) currently
being commissioned by Petro Rabigh.

“Today’s signing ceremony marks yet another milestone in the ongoing progress of thejoint venture partnership by Saudi Aramco and Sumitomo Chemical to create one of theworld’s largest integrated refining and petrochemical facilities, help meet growing
demand worldwide for high-quality energy products, and leverage this downstream
operation to spur the development of complementary manufacturing and conversion
industries,” said Khalid A. Al-Falih, president and chief executive officer of Saudi
Aramco.

"It is gratifying to embark on the feasibility study for the Rabigh II Project at the sametime as Petro Rabigh is successfully starting up the Rabigh I Project. This is anothersignificant achievement in our joint efforts that demonstrates the strength of ourpartnership built upon mutual trust," said Hiromasa Yonekura, Chairman of Sumitomo
Chemical.

The feasibility study is an initiative by Saudi Aramco and Sumitomo Chemical, withPetro Rabigh providing support and assistance, and it will evaluate the viability of theRabigh II Project, including the investment amount, to achieve the following: expanding
the existing Petro Rabigh’s ethane cracker for an additional 30 million standard cubicfeet per day of feedstock ethane; building a new aromatics complex using around 3
million tons per year of naphtha; and constructing various units of petrochemical
products of higher value and specialty, including EPR, TPO, MMA, PMMA, LDPE/EVA,
caprolactam, polyols, cumene, phenol/acetone, acrylic acid, SAP and Nylon-6.

Saudi Aramco and Sumitomo Chemical will complete the feasibility study by the third
quarter of 2010, and once the Rabigh II Project is proven viable with attractive
economics, Petro Rabigh will be invited to decide on its implementation.

The Rabigh II Project is a major expansion of the Rabigh I Project to complete thedevelopment of a world-class petrochemical complex and will produce a diverse slate ofpetrochemicals, most of which are newly introduced to the Kingdom, to complement andstrengthen the Petro Rabigh Project.

The Rabigh II Project will utilize leading-edge technologies from Sumitomo Chemicaland other companies, and explore maximization of synergies between the Rabigh II
Project and the Rabigh I Project, the utilization of Saudi manpower, and development ofthe conversion industry. The Rabigh II Project major milestones include: award of
Project Management Services Contract for the feasibility study in May 2009,
Technology Licensing Agreements in June 2010 and the start up by the third quarter of2014.

About Saudi Aramco
Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global
petroleum enterprise, and a world leader in exploration and producing, refining,distribution, shipping and marketing. The company manages proven reserves of roughly
260 billion barrels of oil and manages the fourth-largest gas reserves in the world, 253.8
trillion cubic feet. In addition to its headquarters in Dhahran, Saudi Arabia, Saudi
Aramco has affiliates, joint ventures and subsidiary offices in China, Japan, theNetherlands, the Republic of Korea, Singapore, Malaysia, the United Arab Emirates, theUnited

KingdomandtheUnitedStates.

For

more

information,

goto

www.saudiaramco.com

About Sumitomo Chemical
Sumitomo Chemical is one of Japan’s leading chemical companies, offering a diverse
range of products globally in the fields of basic chemicals, petrochemicals, finechemicals,

IT-relatedchemicals

andmaterials,agriculturalchemicals,andpharmaceuticals. The company’s consolidated net sales for fiscal 2007 were US$18.9billion (JPY1.9 trillion). For additional information, visit the company’s website atwww.sumitomo-chem.co.jp/english/###