Saudi Aramco and ConocoPhillips Re-Launch Bidding Process for Yanbu Project

DHAHRAN, Saudi Arabia & HOUSTON--(Business Wire)--
The Saudi Arabian Oil Company (Saudi Aramco) and ConocoPhillips (NYSE:COP)
announced today the re-launch of the bidding process for the construction of the
planned 400,000 barrel-per-day export refinery at the Yanbu Industrial City, in
the Kingdom of Saudi Arabia.

"Market improvements have provided a good opportunity to reactivate the bidding
process for the Yanbu Export Refinery Project," said Khalid G. Al-Buainain,
senior vice president, Refining, Marketing and International, Saudi Aramco.
"This state-of-the-art refinery will provide high-quality refined products for
global and domestic markets, and will add significant value to our downstream
business portfolio. It will also support our goal of fostering increased
industrial development and job opportunities within the Kingdom."

"ConocoPhillips is pleased to resume the bidding process now that the markets
are more favorable, and we are committed to working with Saudi Aramco to
progress the Yanbu Export Refinery Project," said Willie C. Chiang, senior vice
president, Refining, Marketing and Transportation, ConocoPhillips. "This project
will provide very competitive new supplies of refined products to help meet the
world`s growing energy demand."

The full-conversion refinery is being designed to process Arabian heavy crude
supplied by Saudi Aramco. It will produce high-quality, ultra-low sulfur refined
products that will meet current and future product specifications. The project
is targeted to start up in the third quarter of 2014.

Invitation for bid notices for the early work and major packages have been
issued to prequalified local and international contractors. The major packages
include a coker unit, crude facility, gasoline unit, hydrocracker, tank farm,
offsite pipelines, high voltage electrical packages, as well as other
infrastructure packages. Early work packages are expected to be awarded in
November 2009. Bids for the remaining packages are due in the first quarter of
2010 and are expected to be awarded in the second quarter of 2010.

Notes to editors:

About Saudi Aramco:

Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated,
global petroleum enterprise, and a world leader in exploration and producing,
refining, distribution, shipping and marketing. The company manages proven
conventional reserves of 260 billion barrels of oil, the largest of any company
in the world, and manages the fourth-largest gas reserves in the world.

In addition to its headquarters in Saudi Arabia`s Eastern Province city of
Dhahran, Saudi Aramco has affiliates, joint ventures and subsidiary offices in
China, Japan, the Netherlands, the Republic of Korea, Singapore, Malaysia, the
United Arab Emirates, the United Kingdom and the United States. More information
about Saudi Aramco can be found at www.saudiaramco.com.

About ConocoPhillips:

ConocoPhillips is an international, integrated energy company with interests
around the world. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements about ConocoPhillips
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are statements that
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Saudi Aramco:
Nesa Subrahmaniyan, 966-3-873-6065 (media)
subrahnx@aramco.com.sa
or
ConocoPhillips:
Romelia Hinojosa, +1-281-293-4034 (media)
romelia.hinojosa@conocophillips.com
or
Clayton Reasor, +1-281-293-2661 (investors)
c.c.reasor@conocophillips.com

Copyright Business Wire 2009