Aug 7 (Reuters) - Saudi Arabian Oil Co:

* SAUDI ARAMCO AND SUMITOMO ENTERED INTO A SALE AND PURCHASE

AGREEMENT

* SAUDI ARAMCO WILL ACQUIRE FROM SUMITOMO APPROXIMATELY

22.5% OF

SHARE CAPITAL OF PETRO RABIGH

* UPON COMPLETION OF TRANSACTION, SAUDI ARAMCO WILL OWN

APPROXIMATELY 60% OF SHARE CAPITAL OF PETRO RABIGH

* SUMITOMO WILL OWN 15% OF THE SHARE CAPITAL OF PETRO RABIGH

* PUBLIC WILL CONTINUE TO OWN REMAINING 25% OF SHARE CAPITAL

OF

PETRO RABIGH

* AGGREGATE PURCHASE PRICE SAR 2.63 BILLION

* SAUDI ARAMCO AND SUMITOMO AGREED TO TAKE CERTAIN SPECIFIC

STEPS

WHICH AIM TO IMPROVE PETRO RABIGH'S FINANCIAL POSITION

* INJECTING SAR 5.26 BILLION IN ADDITIONAL FUNDS INTO PETRO

RABIGH

THROUGH MECHANISMS TO BE AGREED WITH PETRO RABIGH

* ARAMCO AND SUMITOMO AGREE WAIVING EXISTING REVOLVING

SHAREHOLDER

LOANS TO PETRO RABIGH IN AGGREGATE OF $1.5 BILLION

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