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Element List	Explanation
Introduction	Saudi Aramco Base Oil Company – Luberef (the “Company”) is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with Saudi Arabian Oil Company (“Saudi Aramco”) to explore the potential for the Company to build a base oil plant within the Jazan Refinery and Petrochemical Complex.
Memorandum Signing Date	2026-01-01 Corresponding to 1447-07-12
Counterparty	Saudi Aramco
Memorandum Subject	Explore the potential for the Company to build a base oil plant within the Jazan Refinery, which would require the supply of Unconverted Crude Oil (“UCO”) from Saudi Aramco as feedstock. The MoU establishes the framework for technical, commercial, and operational assessments of the potential project.
Memorandum Duration	The duration of the MoU is 18 months from 01/01/2026G, and it may be renewed upon mutual agreement of the parties.
Related Parties	Saudi Aramco
Financial Impact	There are no financial obligations on either party at this stage under the MoU. Any potential financial impact cannot be determined at the present time. Should any definitive agreements be executed regarding the arrangements envisaged in the MoU, the Company will disclose any material financial impact of such definitive agreements in accordance with applicable laws and regulations.
Additional Information	This initiative represents a significant step within the Group III+ Project, which aims to expand the Company’s production capabilities. The MoU is non-binding, and any future developments, including final approvals, definitive agreements, or financial implications, will be announced in line with relevant regulatory requirements. Luberef strives to produce the full range of base oil groups enabling it to meet diverse market needs through a future proofed portfolio.

Saudi Aramco Base Oil Company - Luberef announces the signing of a Memorandum of Understanding (MoU) with Saudi Arabian Oil Company (Saudi Aramco) regarding a GIII+ production facility in Jazan, Kingdom of Saudi Arabia