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SABIC Increases Its Share to 10% in IBN ZAHR Affiliate

Source: www.gulfoilandgas.com 7/3/2006, Location: Middle East

SABIC completed operational procedures to purchase the Finnish Neste Oil’s 10% share of capital in SABIC affiliate, IBN ZAHR. US$ 120 million, representing the share, has been paid to Neste Oil. The appropriate amendment to the company’s Articles of Incorporation was signed today.

Accordingly, as from January 1, 2006, SABIC owns 80% of IBN ZAHR capital. Ecofuel-Italy owns 10% and the Arab Petroleum Investments Corporation (APICORP) owns the remaining 10%.

SABIC originally announced the signing of this agreement on March 26, 2006.

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