Satorp Sukuk Main en Prospectus v.23 Web Final Part1 R6

ARABIAN ARAMCO TOTAL SERVICES COMPANY

(a joint stock company incorporated under the laws of the Kingdom of Saudi Arabia)

Commercial Register Number 2055012417

is Offering

SAR DENOMINATED CERTIFICATES

The SAR denominated certificates, due on the Scheduled Termination Date (as defined herein) (the Certificates), are being issued at par, without discount or premium. The Certificates will be the subject of a declaration of agency (the Declaration of Agency) dated on or before the Closing Date (as defined herein) between, among others, Arabian Aramco Total Services Company (the Issuer), Saudi Aramco Total Refining and Petrochemical Company (SATORP) (SATORP or the Company), HSBC Saudi Arabia Limited (the Certificateholders' Agent) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the Intercreditor Agent). Pursuant to the Declaration of Agency, the Issuer covenants, inter alia, to hold the Sukuk Assets (as defined herein) as agent for the benefit of the holders of the Certificates (the Certificateholders), pro rata according to the face amount of Certificates held by each Certificateholder, in accordance with the Declaration of Agency and the terms and conditions of the Certificates starting on page 63 of this Prospec-tus (the Conditions). The Certificateholders' Agent will hold the benefit of the covenants and undertakings given by the Issuer and SATORP under the Declaration of Agency as agent on behalf of the Certificateholders.

Pursuant to the terms of the Transaction Documents (as defined herein) to which each of them is a party, SATORP will pay certain amounts to the Issuer in consideration for the rental of certain assets (as more particularly described herein), and the Issuer will utilise such amounts to meet its obligations to pay the amounts due by it from time to time under the Certificates. The obligation of SATORP to make such payments to the Issuer is, prior to and excluding the Actual Completion Date (as defined on page 192 of this Prospectus), guaranteed by Saudi Arabian Oil Company (Saudi

Aramco) pursuant to the Saudi Aramco Debt Service Undertaking Agreement (as defined herein).

On each Periodic Distribution Date in respect of a Return Accumulation Period (each as defined herein), the Issuer will pay the Periodic Distribution Amounts (as defined herein) to the Certificateholders calculated on the basis of SAIBOR (as defined in the Conditions) plus a specified Margin (as defined in the Conditions), applied to the outstanding face amount of the Certificates as at the commencement of that Return Accumulation Period.

On each Periodic Distribution Date prior to the First Repayment Date (as defined herein), the Certificates may be partially redeemed pro rata at an aggregate amount equal to, if any, the Early Distribution Amounts (as defined in Condition 8.6 (Partial Redemption)). On each Periodic Distribution Date falling after the First Repayment Date, the Issuer will partially redeem the Certificates pro rata in an aggregate amount equal to the sum of (a) the Fixed Distribution Amounts (as defined in Condition 8.6 (Partial Redemption)), and (b), if any, the Early Distribution Amounts.

Unless previously redeemed in full in accordance with Condition 8 (Capital Distributions), the Certificates will be redeemed on the Periodic Distribu-tion Date immediately following the Final Distribution Date (as defined in the Conditions, being the eleventh anniversary of the First Repayment Date, subject to adjustment in accordance with the applicable business day convention) (such final Periodic Distribution Date, the Scheduled

Termination Date) at the applicable Termination Distribution Amount (as defined in Condition 8.1 (Scheduled Termination)).

The Certificates may be redeemed prior to the Scheduled Termination Date, in full at the applicable Termination Distribution Amount, in certain circumstances pursuant to Conditions 8.2 (Early Termination for Tax Reasons), 8.3 (Early Termination at the Option of the Issuer), 8.4 (Termination Following a STID Event), and may become immediately due and payable in accordance with Condition 8.5 (Termination Following a Termination Event)and Condition 12 (Termination Events).

Investing in the Certificates involves risks that are described in the section of this Prospectus entitled "Risk Factors".

Capitalised terms used but not otherwise defined in the body of this Prospectus have the meaning given to them in the section of this Prospectus entitled "Glossary of Certain Defined Terms" starting on page 248.

This Prospectus includes information given in compliance with the Listing Rules issued by the Capital Market Authority of the Kingdom (the Authority). The Directors of the Issuer and SATORP, whose names appear in the sections of this Prospectus entitled "Description of the Issuer" and "Description of SATORP", respectively, collectively and individually accept full responsibility for the accuracy of the information contained in this Prospectus and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts the omission of which would make any statement herein misleading. The Authority and The Saudi Stock Exchange Company (Tadawul) (Tadawul) do not take any responsibility for the contents of this Prospectus, do not make any representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this Prospectus.

This unofficial English translation of the official Arabic Prospectus is provided for information purposes only. The Arabic prospectus published on the Authority's website (www.cma.org.sa) remains the only official, legally binding version and shall prevail in the event of any conflict between the two texts.

This Prospectus is dated 10/09/2011G (expected to correspond to 12/10/1432H)

Joint Lead Managers and Joint Bookrunners

Saudi Fransi Capital Deutsche Securities Saudi Arabia Samba Capital & Investment Management Company

PROSPECTUSPart 1 of 2

AATSC PROSPECTUS PART 1 OF 2: THIS MUST BE READ IN CONJUNCTION WITH AATSC PROSPECTUS PART 2 OF 2

(AVAILABLE ON THE WEBSITE OF THE CAPITAL MARKET AUTHORITY WWW.CMA.ORG.SA)

Subscription and Sale

Deutsche Bank Group

Deutsche Securities

SHARI'A

Shari'a

Shari'ah

Shari'a

SHARI'A

To the Issuer, SATORP and Saudi Aramco

To the Joint Lead Managers and Joint Bookrunners

To the Issuer and SATORP

Shari'a

Zakat 236

be based on a consideration of this Prospectus as a whole. Capitalised terms have the meanings given to them in the section of this Prospectus entitled

SATORP

inter alia

Scheduled Termination

Closed Periods

pro rata

pro rataPartial Redemption

Termination Events

Partial Redemption

Purchases

Meetings of

Shari'a

inter alia

SATORP

pro rata

inter alia

construction of

all EPC Contracts

Guarantee

inter alia

a fuller

Periodic Distribution Amounts, Fixed DistributionAmounts, Early Distribution Amounts, Termination

Distribution Amounts, any Additional Early PaymentAmount and Additional Termination Distribution

Amount (in each case as applicable)

Debt ServiceUndertaking

Saudi AramcoDebt Service Undertaking

Agreement)3

Certi cateholders

Declaration of Agency

Issuer Security Agents

Security overassets4

ContributionIssuer

Contribution

Delayed DeliveryCompensation (if applicable)

Saudi Aramco2

(as Procurement Contractor)

Issuer ProcurementTermination Sum

(if applicable)

Sum or Total LossShortfall Amount (if

applicable)

Lessee Termination

Advance RentalPayments and Rental

Payments

SATORP(as Lessee)

Forward LeaseAgreement

ProcurementAgreement

Musharakaconstituted by the

Musharaka Agreement

In– kindcontribution1

SATORP as ManagingPartner and Partner

Certi cates

Certi cates' issueproceeds

Partial Redemption

Event Termination Events

Partial Redemption

Termination Events

zakatzakat

Set-off of the Services Charges

Periodic

PartialRedemption

ScheduledTermination

ReasonsTermination at the

a Termination Event

Termination Events

Termination at the

Cessationand Continuation of

PartialRedemption

Partial Redemption

Termination

a Termination EventTermination

Events

a Termination EventTermination

Events

SHARI'A

Shari'a

Sheikh Nizam Yaquby

Tafsir

Sheikh Dr. Mohamed Ali Elgari

Takaful

Sheikh Dr. Abdul Sattar Abu Ghuddah

Shari'a

Dr. Hussein Hamed Hassan

Shari'ah

Sheikh Dr. Mohamed Ali Elgari

Sheikh Dr. Abdul Sattar Abu Ghuddah

Shari'a

Dr. Abdulrahman Bin Saleh Al-Atram (Chairman)

Dr. Abdullah Bin Wakeel Al-Sheikh (Member)

Dr. Sulaiman Bin Turki Al-Turki (Member)

Shari'a

Sheikh Abdullah Bin Suleiman Al-Manea (Chairman)

Sheikh Dr Abdullah Bin Mohammed Al-Mutlaq (Member)

Sheikh Dr. Abdullah bin Musa Al-Ammar (Member)

Sheikh Dr. Abdulaziz bin Fawzan Al-Fawzan (Member)

Sheikh Dr. Yousef bin Abdullah Al-Shubaily (Member)

Sheikh Dr. Mohammed bin Saud Al-Osaimi (Member)

for more information

or otherwise.

Certain

occurs and in relation to the greenhouse gases it produces.

inter alia

offering.

There is a risk that the Musharaka could dissolve.

Terms and Conditions of

interalia

inter alia

inter alios

pro rata

Termination EventsTermination Events

Termination Events

outcome of intercreditor decisions

Events

zakatzakat

when due.

Covenants

zakatzakat zakat

zakat zakat

Making

Meetings

Senior Participants.

inter alia

pro rata proportion

Closed Periods Regulations

Partial Redemption Partial Redemption

Turnover Provisions

pro rata

inter alia

pro rata

second

fourth

Termination Events

pari passu

second

third pari passu

fourth

in the section entitled

Covenants

Remedies

pro rata

SAIBOR

pro rata

Partial RedemptionCancellation

Termination Events

pro rata

Partial Redemption

Cancellation

pro rata

Termination Events

Purchases

Remedies

Termination Events

including a description of the Senior Participant voting process in respect thereof

Secured

Making

Provisions for Meetings of

ASSETS

LIABILITIES

Source: Wood Mackenzie

2002 2003 2004 2005 2006 2007

NW Europe

Singapore

-2Brent (FOB)Simple MarginComplex Margin

5,000 2.0

2000 2005 2007 2008 2010 2015 20200

h Rate

, % p.

Total Demand

2008 2020

Source Wood Mackenzie Annual Grow Rate (%)

2008 2020 Annual Growth Rate (%)

Source Wood Mackenzie

2007-2010

Asia MiddleEast

NorthAmerica

LatinAmerica

GreaterEurope

FSU Sub-Saharan

Africa

Source Wood Mackenzie

2011-2015

2005 2007 2010 2015 2020

De cit

-150LPG

2007-2020

-2Brent (FOB)Simple MarginComplex Margin

Certain

Safaniya

Manifa

Dammam

Riyadh

Jubail

Ras Tanura

Jubail ProjectAH Fields

AL Fields

Khursaniyah

Bahrain

SaudiArabia

IranArabian Gulf

SulfurRecovery

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

L. SulfurAcid Gas fm Process UnitsN

apSplitter

Treated LPG

SulfurRecovery

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Treated LPG

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Treated LPG

CCRCCR

Reform

atSplitterR

eformatSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

nitVac

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Splitter

Treated LPG

Paraxylene

Alkylation

SulfurRecovery

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Treated LPG

SulfurRecovery

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Treated LPG

400 MBD

Crude Oil

Reform

atSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Treated LPG

CCRCCR

Reform

atSplitterR

eformatSplitter

Benzene

LP HDSHP HDS

Diesel

UnsatGasFCC

SteamReformer

SatGas

CDU/CCR/DHC/MHC

NAPHDT

nitVac

Gasoline

Propylene

Naphtha

Kerosene

ParaXylene

Naphtha

MHC/MHC/DCU

apSplitter

Splitter

Treated LPG

Paraxylene

Alkylation

Contracts

Gasoline

Petcoke

Permanent Positions

Temporary Positions

pro ratapro rata pro rata

inter alia

pro rata

inter alia

Fuel Supply Agreement andCrude Oil Feedstock Supply Agreement

OfftakeAgreements

EPCContracts

62.5%Shareholders Agreement1

SATORP

Saudi Aramco TRSA

EPC Contractors

Saudi Aramco /Total offtakers

Senior Participants(incl. the Issuer)

Technology LicensingAgreements

Fuel Supply Agreement andCrude Oil Feedstock Supply Agreement

OfftakeAgreements

EPCContracts

62.5%Shareholders Agreement1

SATORP

Saudi Aramco TRSA

EPC Contractors

Saudi Aramco /Total offtakers

Senior Participants(incl. the Issuer)

Technology LicensingAgreements

Saudi AramcoTechnical Services Providers

CHIEF EXECUTIVE OFFICER

PMT DIRECTORExecutive Secretary

General Auditor

Manufacturing VP Technical/Optimization Manager HR and Support VP Chief Financial

Of cer HSSEQ Manager

Terminals

Shipping

Chemicals

Shareholders AgreementGuarantee

TOTSA PETROFINATOTAL

RAFFINAGEMARKETINGLPG Sales Agreement

Liquid Sulphur Sales AgreementParaxylene Offtake AgreementRe ned Products Offtake AgreementPetcoke Offtake Agreement

Crude Oil Feedstock Supply AgreementFuels Supply AgreementPersonnel Secondment and Services Agreement

99.998%

Refined

Product

Offtake

Agreem

Paraxylene Offta

ke Agreement

Personnel Secondment and Services Agreement

Saudi Aramco DebtService UndertakingAgreement

tsOfft

ake Gu

Offtak

e Guara

Key= Direct or Indirect

Shareholding of 100% orapproximately 100% unlessotherwise speci ed

= Contractual Relationship

ISSUER

TOTAL GASAND POWER

LIMITED

SAUDI ARAMCO

SATORPPetcoke Offtake Agreement

TOTALShareholders Agreement

Guarantee

TOTSA PETROFINATOTAL

RAFFINAGEMARKETINGLPG Sales Agreement

Liquid Sulphur Sales AgreementParaxylene Offtake AgreementRe ned Products Offtake AgreementPetcoke Offtake Agreement

Crude Oil Feedstock Supply AgreementFuels Supply AgreementPersonnel Secondment and Services Agreement

99.998%

Refined

Product

Offtake

Agreem

Paraxylene Offta

ke Agreement

Personnel Secondment and Services Agreement

Saudi Aramco DebtService UndertakingAgreement

tsOfft

ake Gu

Offtak

e Guara

ISSUER

TOTAL GASAND POWER

LIMITED

SAUDI ARAMCOSAUDI ARAMCO

SATORPSATORPPetcoke Offtake Agreement

TOTALTOTAL

Contract Price

Suspension and Termination

Miscellaneous

General Terms and Conditions

Shutdowns

Miscellaneous

Shutdown

Metering and Sampling

Shutdown

Measurement

Production Planning

Measuring and Sampling

Production Planning

Metering and Sampling

Production Planning

Shutdown

Pricing

Conditions Precedent

Guarantee

Termination

Miscellaneous

Products

Production Planning

Shutdown

Pricing

inter alia

Miscellaneous

Guarantee

Termination

Miscellaneous

Production Planning

Pricing

Guarantee

Termination

Miscellaneous

Guarantee

Termination

Miscellaneous

Return of Premises

Miscellaneous

Secondment

Covered Services

Miscellaneous

Parties

pro ratapro rata

pro rata

pro rata pro rata

pro rata

Commission

pari passu

inter alia

Covenants

pro rata

Restrictions

Transfer

pro rata

Senior Shareholder

Change of businessRepresentations

Parties

Ranking

pari passu

Turnover

Enforcement

General remedies following

Making

General

pari passu pro rata

secondpari passu pro rata

fourthpari passu pro

fourth

pro rata

Claims

pari passupro rata

Second

Thirdpari passu pro rata

pari passu pro rata

Secondpro rata

pro ratapari passu

Redesignation

pro rata

pro rataRedesignation

down option Redesignation

pro rata

pari passu

Conditions Precedent to

inter alia

pro rata

Participants

pari passu

Participants

General remedies following General remedies

pari passu

option

Criteria

General Conditions

Parties

pro rata

Parties

Changes to the Parties

Permitted transfers under the Saudi

Governing law

Parties

Periodic refreshing mechanism

Parties

Periodic refreshing mechanism

Parties

Pledge Release

Suspension Period

Substitution

Enforcement

Capital Contributions

Management

The Procurement Contractor

Termination

Termination Events

Termination

The Sub-Contractor

Sub-Contractor Services

Termination

inter alia

Rental

pro rata

inter alia

Termination

Termination Events

Contract Term

The Services

Service Charges

Termination

inter alia

Termination Events

pari passu

second pari passu

third pari passu

fourth pari passu

Termination Events

pari passu

second pari passu

third pari passu

fourth

Copies of documents available for inspection

pro rata

Covenants

pro tanto

Provisions for Meetings of

Termination

General

zakatzakat zakat

inter alia

Terms and

Shares

Management

Shares

Management

inter alios

interalios

inter alia

General

ConstructionContracts

Redesignation

Partial Redemption

Cancellation

pro rata

Partial Redemption

Cancellation

pro rata

Cancellation

Environment

Restrictions on distributions

MisrepresentationRepresentations

Environmental Guidelines

Termination

Environmental Guidelines

Substitution procedure

Participants

Prescription

provided

Termination Events

Representations Change of business

SAIBOR

inter alia

Shares

pari passu

inter alia

inter alios

SATORP

Agent, the Intercreditor Agent, the Onshore Security Agent, the Offshore Security Agent and the Wakala Facility Participants.

Wakala Facility Wakala Agreement means the wakala agreement dated 24 June 2010 between the Company, Wakala Facility Participants and the Wakala Agent.

Wakala Pledge Agreement means the agreement between the Wakala Agent and the Onshore Security Agent pursuant to which the Wakala Agent (on behalf of each of the Wakala Facility Participants) grants a pledge over (inter alia) the Wakala Facility Assets in favour of the Onshore Security Agent.

Wakala Security Letter means the letter dated 24 June 2010 entered into by the Wakala Facility Participants for the benefit of the Wakala Agent authorising the Wakala Agent and the Company to create a security interest over the Wakala Assets for the benefit of SIDF and the Onshore Security Agent in accordance with the terms of the Finance Documents.

Winding-up means winding-up, amalgamation, reconstruction, administration, dissolution, liquidation, merger or consolidation or any analogous procedure or step in any jurisdiction.

Wood Mackenzie means Wood Mackenzie Limited.

Works has the meaning given to such term on page 118 of this Prospectus.

End OF AATSC PROSPECTuS PART 1 OF 2

www.satorp.com

Satorp Sukuk Main en Prospectus v.23 Web Final Part1 R6

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