Saudi Aramco Base Oil Company – Luberef announce the signing of agreement to receive an additional supply of vacuum gas oil from Saudi Arabian Oil Company (Saudi Aramco)

Saudi Aramco Base Oil Company – Luberef announce the signing of agreement to receive an additional supply of vacuum gas oil from Saudi Arabian Oil Company (Saudi Aramco)

|Element List||Explanation|

|Introduction|| Saudi Aramco Base Oil Company – Luberef is pleased to announce the signing of agreement to receive an additional supply up to 2000 barrel per day of vacuum gas oil from Saudi Arabian Oil Company (Saudi Aramco) depending on the product availability.

|

This agreement is part of business transformation program which is in line with Saudi Aramco’s transformation initiative for its joint ventures.

|Date of Announcement of the Award||2023-04-11 Corresponding to 1444-09-20|

|Contract Subject Matter||Signing of agreement to receive an additional supply up to 2000 barrel per day of vacuum gas oil from Saudi Aramco which will be used as feedstock to produce base oil and by-products in Yanbu facility.|

|Date of Signing the Contract||2023-04-10 Corresponding to 1444-09-19|

|Contract Value||Feedstock supply cost will depend on an agreed formula and is linked to Market prices.|

|Contract Details||Agreement to receive an additional supply up to 2000 barrel per day of vacuum gas oil from Saudi Aramco which will be used as feedstock to produce base oil and by-products in Yanbu facility.|

|Contract Duration||Starting from April 1, 2023, for 12 months and as per the provisions of the agreement. This agreement will automatically renew unless one of the parties has terminated the agreement by giving a written notice