The King Presides over Petroleum Supreme Council

Riyadh, Jan. 24, 2010, SPA -- The Custodian of the Two Holy Mosques, King
Abdullah bin Abdulaziz, the Premier and President of the Supreme Council for
Petroleum and Minerals Affairs, presided over the Council's meeting here today.

The meeting was attended by Crown Prince Sultan bin Abdulaziz, Deputy Premier,
Minister of Defense and Aviation and Inspector General and Vice President of
the Supreme Council of Petroleum and Minerals Affairs, and other members of the
Supreme Council.

At the end of the meeting, Minister of State and Member of Cabinet and also
member and Secretary General of the Supreme Council, Dr. Mutlab bin Abdullah
Al-Nafisah said that the Council reviewed the situation in the oil market, and
the Kingdom's keenness on the interests of producing and consuming countries.
The Council expressed satisfaction over the process of the Kingdom's investment
to raise and expand its capacity to produce crude oil and refining it to
contribute to meeting the world demand, which is running in accordance to the
set timetable and in tandem with the Kingdom endeavors to maintain ecological
protection, he added.

Later, the Council discussed its agenda and decided to approve the working
plans of Saudi Aramco, gave approval to its two annual reports, sanctioned its
balance sheet and profits and losses accounts. It also approved appointment of
an external account Controller for Saudi Aramco and its affiliates, he further
added.

The Council reviewed too the technical, financial and statistical report on
Saudi Aramco's companies licensed for mining and discussed a number of
petroleum and mining related issues, he concluded.

-- SPA

18:34 LOCAL TIME 15:34 GMT NNNN