30 August 2002

Abu Dhabi Oil Refining Company (Takreer) signed on Sunday 30 June 2002 the Unleaded Gasoline (ULG) and Low Sulphur Gas Oil (LSGO) Project main package agreement in Ruwais with Technip Italy S.P.A. Takreer also signed the tankage package agreement with CBI Eastern Anstalt.

Both contracts, valued at approximately $480 million, will be implemented on a lump sum, turnkey basis for the provision of engineering, procurement and construction, commissioning start up and maintenance, including training of Refinery personnel.

The overall works are expected to be complete within 36 months from the effective date of award. Meanwhile, the contract for the tankage package will be assigned to the main package contractor for implementation.

The scope of work for the ULG/LSGO Project includes the installation of new process units together with the required expansion of offsites and utilities. It also includes the revamp of some of the existing process units within the Ruwais Refinery, expansion of the tank farm, new electrical substations and operator shelters, expansion of existing control systems and additional shipping facilities.

Once operational, the project will enable Takreer to strengthen its position in both international and local refined products markets. It will also allow the company to promote a cleaner environment through the production of superior quality products.

Moreover, the project will make it possible for Takreer to meet growing market requirements. It will also allow the company to apply more stringent product quality and environmental specifications in the future.

By adding new facilities, Takreer will also reinforce its position in local and export markets as a major supplier of unleaded gasoline and low Sulphur gas oils. In fact, the Company's long-term commitments to its customers will be further strengthened once the project is implemented.

U.S.-based Fluor Daniel carried out the project's conceptual study in 2000, while the UK's Bechtel office carried out the Front End Engineering Design (FEED). EPC tender enquiry was issued on a competitive bid basis in July 2001. U.S.-based Foster Wheeler acted as project management consultant (PMC) during that period.

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