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Saudi Aramco Total appoints Mr Salim Hamdan as CEO
01
Oct '08
The Board of Directors of Saudi Aramco Total Refining and Petrochemical Company approved the appointment of Salim Hamdan Shahin to the position of president and CEO of the company at its first meeting held on September 21 2008 in Manama, Bahrain.

The Board of Directors poses for a group photo: Chairman Samir A. Al-Tubayyeb is seated in the center, and president & CEO Salim Shahin is seated on the right.

The meeting was presided over by the chairman of the Board of Directors, Dr. Samir A. Al-Tubayyeb, and attended by company directors.

The company also previously announced that it is planning to offer Saudi nationals 25 percent of the company shares in an Inititial Public Offer (IPO), on the premise that the two founding partners will each retain 37.5 percent of the equity.

Saudi Aramco and Total Company of France inked the partnership agreement necessary for the establishment of their joint venture on June 22 2008, in the presence of HE Ali Al-Naimi, Minister of Petroleum and Mineral Resources during the Jiddah Energy Meeting.

These agreements were regarded as a significant step for initiating the construction works of a world class refinery, based in Madinat al-Jubail al-Sina'iyah (Jubail Industrial City) in the Eastern Province of Saudi Arabia, with a refining capacity of 400,000 bpd.

The refinery, scheduled to go on stream by the end of 2012, will process heavy crude oil and convert it into high quality refined products that meet the highest international specifications.

Products will include diesel fuel, aircraft fuel, gasoline as well as petrochemical products such as parazelene, aromatic gasoline and propylene. Saudi Aramco and Total will share the marketing of the refinery products.

This important project will allow further expansion and diversification of Saudi Arabia's refining and petrochemical industry infrastructure and creation of more employment opportunities within the Kingdom.

Jubail Industrial City was selected as the site of the refinery due to its proximity to the heavy crude oil supply system and other vital facilities such as King Fahd Industrial Port, the desalination and power plants and the residential area.

Saudi Arabian Oil Co


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