Jubail (SATORP) is a 400 kb/d greenfield export-orientated refinery built and operated by a JV partnership comprising French oil major, Total, and Saudi Arabia’s national oil company, Saudi Arabian Oil Company (Saudi Aramco). Jubail (SATORP) is expected to be fully operational by end of 2013.

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Refinery Evaluation Model
Independent Appraisal of Refinery Competitive Position
Refinery Evaluation Model
SATORP’s Jubail Project: The rise of a new wave
of export refineries

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© Wood Mackenzie 1
Introduction
Jubail (SATORP) is a 400 kb/d greenfield export-orientated refinery built and operated by a JV partnership comprising
French oil major, Total, and Saudi Arabia’s national oil company, Saudi Arabian Oil Company (Saudi Aramco). Jubail
(SATORP) is expected to be fully operational by end of 2013.
In May 2006, a Memorandum of Understanding (MOU) was signed to develop the Jubail Refining and
Petrochemical Project. The plant was built in Jubail Industrial City 2, located on the east coast of the Kingdom of
Saudi Arabia (‘The Kingdom’).
On June 22, 2008, the shareholders, Total (37.5%) and Saudi Aramco (62.5%), signed an agreement to form Saudi
Aramco Total Refining and Petrochemical Company (SATORP), which was officially established on September 21,
2008.
Pre-commissioning began during the first quarter of 2013, with full operation expected by the end of 2013.
The vision for Jubail (SATORP) is to be the Middle East and Asia’s leading performer in refining and petrochemicals
with a passion for the environment.
Project History
Source: Wood Mackenzie, Refinery Evaluation Model, SATORP

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Product Export Destination by Region
Source: Wood Mackenzie
Jubail (SATORP)
Asia
Pacific
Europe
Jubail (SATORP) is expected to export refined products to Europe and Asia
Pacific
Note: The thickness of the arrows do not represent any magnitude. They are only to show the direction.
* Exports by Volume represent the split of total volumes exported NOT total refinery output.
Region % Exports by
Volume*
Europe 40
Asia Pacific 60
Diesel, Jet/Kero
Paraxylene, Propylene, LPG, Pet Coke
US export opportunity
diminished due to
domestic tight oil
developments

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Operating
Expense
Configuration
Effect *
Refinery Net Cash Margin (NCM) Methodology, calculated with PetroPlan
Location
Benefit
Crude Oil
Cost
Crude Oil
Transport
$
/
Barrel
+
-
Net Cash Margin (EBITDA) = Gross Margin, $/bbl – Cash Operating Expenses, $/bbl
* Configuration effect is synonymous with Refinery Gross Product Worth (GPW)
Net Cash
Margin
PetroPlan

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PetroPlan’s Block Flow Diagram (BFD) provides a transparent interface to scrutinize and interpret the
internal optimisation of Jubail (SATORP) refinery.
Utilisation of individual units, internal stream routing, and final product yields are all visible to the
user.
© Wood Mackenzie 4
© Wood Mackenzie 4
PetroPlan – Jubail (SATORP) Block Flow Diagram and Yield Profile
Source: Wood Mackenzie, Refinery Evaluation Model
Jubail (SATORP) Yield Profile, PetroPlan
Product Yield, wt%*
Benzene 0.6
Paraxylene 3.6
Propylene 0.7
LPG 1.5
Gasoline Regular 16.3
Gasoline Premium 6.2
Jet/Kerosene 4.4
Diesel 51.6
Petroleum Coke 9.9
Sulphur 2.0
Refinery Fuel and Loss 3.2
*WM estimates

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© Wood Mackenzie 5
Its first quartile position provides Jubail (SATORP) the opportunity to “push”
distillate products into Europe and compete, on a Net Cash Margin basis, with
top European sites…
Source: Wood Mackenzie, Refinery Evaluation Model Note: NCM curve shows European refineries only
* 2012 NCM on a preliminary basis

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© Wood Mackenzie 6
…. and be well placed to compete with other export oriented refineries in Asia
Pacific
Source: Wood Mackenzie, Refinery Evaluation Model Note: NCM curve shows Asia Pacific refineries only
* 2012 NCM on a preliminary basis

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© Wood Mackenzie 7
Jubail (SATORP)’s completion will increase Saudi Arabia’s surplus middle
distillate position whilst helping to lower the gasoline deficit in the short term
Saudi Arabia was broadly balanced
diesel/gasoil during 2012
Jubail (SATORP)’s completion will move
the country to a diesel/gasoil surplus of
just over around 8.5 Mt by 2014
The jet/kerosene surplus will increase to
just over 6 Mt over the same period
Gasoline is expected to remain in deficit
territory throughout the forecast period as
local demand outweighs supply; hence
gasoline production from Jubail remains
in country
Post completion of Yanbu(2015) and
Jazan(2017) refineries, Saudi Arabia will
become a significant exporter of middle
distillates
LPG and naphtha will continue to be
exported to Asia Pacific as demand from
the petrochemical industry grows
Source: Wood Mackenzie, Product Markets Service Note: Balances reflect Jubail (SATORP) running at reduced rates during 2013 then fully operational during 2014
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
LPG Naphtha Gasoline Jet/Kero Diesel/Gasoil
Balances
(kt)
2012 2013 2014
Surplus
Deficit
Source: Wood Mackenzie

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the recipient (sent directly by Wood Mackenzie Ltd) and its contents and conclusions are confidential and
should not be disclosed to any other persons or companies without Wood Mackenzie’s prior written
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The information upon which this report is based has either been supplied to us or comes from our own
experience, knowledge and databases. The opinions expressed in this report are those of Wood Mackenzie.
They have been arrived at following careful consideration and enquiry but we do not guarantee their
fairness, completeness or accuracy. The opinions, as of this date, are subject to change. We do not accept
any liability for your reliance upon them.

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