Luberef is a highly specialized, 拥有全球规模资产和在中东地区独特地位的独立基础油生产商;

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• Luberef is a pure play base oil producer, 拥有优化的基础油生产设施，是王国唯一的原始基础油生产商.
• The Company’s base oil production capacity of 1.3 million MT per annum positions it as the second largest producer by capacity⁶ in the Middle East in 2021G, 利用其与沙特阿美公司的长期协议，为其提供高质量的阿拉伯轻质原料.

• Luberef’s production assets have competitive scale globally⁷ 包括计划中的延布二期扩建项目在内，延布炼油厂的产能位居全球十大炼油设施之列.

• 该公司整合在沙特阿美公司的系统中，为王国提供关键产品.
• 公司在战略位置拥有全球营销和物流中心网络, including the Kingdom and the UAE, which Luberef utilizes to export its products regionally and globally.
• 该公司参与了阿美基础油联盟，使其能够通过其合作伙伴向亚洲和美洲的主要市场供应基础油, S-Oil and Motiva, to benefit from additional demand in other markets.

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⁶ _{Market Consultant Report - IHS Markit and the Company for Company data}

⁷ _{Market Consultant Report - IHS Markit and the Company for Company data}

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Luberef has advantaged value chain positions due to long term access to high quality, low value reduced crude oil feedstock, operational cost leadership, strategically located production assets, and long-standing relationships with key customers:

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• Luberef has advantaged value chain positions in feedstock supply, assets and operations, and customer relationships.
• 该公司与沙特阿美公司签订了长期协议，为其提供高质量的阿拉伯轻质原料.
• Luberef’s high quality, low value reduced crude oil feedstock, the main feedstock used by the Company, has an optimal composition for use in producing base oils, 由于含硫量高，其市场价格通常低于布伦特原油⁸.
• 公司有利的原料位置和可靠的供应使工厂利用率高(到2021年达到87%)，基础油产量高, resulting in high operational efficiency, supply and resilience.
• The Company’s base oil unit production cost, excluding feedstock, was approximately 美元 119 per MT in 2021G, over 60% lower than the average for other base oil producers⁹ 由于其资产质量和规模，能源效率和高利用率，从安全的原料.
• The Company has deep, multi-decade relationships with globally and regionally renowned base oil customers, due to the reliability and quality of its base oil supply.

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⁸ _{Market Consultant Report - IHS Markit and the Company for Company data}

⁹ _{Market Consultant Report - IHS Markit and the Company for Company data}

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公司拥有增值增长的记录，并有吸引人的机会抓住主要终端市场的预期市场增长:

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• Luberef has grown its base oil production capacity and sales volumes, with the most recent Yanbu Growth I expansion project, 使公司能够将第二组基础油生产能力引入沙特阿拉伯，以满足国内和地区需求.
• 延步增长一期扩建项目实施后，延步工厂的扩建使该工厂的产能增加了71万吨, 与2020G相比，2021G的II类基础油销量增长了约50%.
• 沙特阿拉伯和整个中东地区强劲的宏观基本面进一步支撑了基础油的需求前景, which are key end-markets for Luberef, with real GDP expected to grow at a CAGR of approximately 2.5% in Saudi Arabia and approximately 3.3%, in the Middle East between 2021G and 2030G¹⁰.
• 公司计划继续受益于全球对二类和三类基础油需求的结构性增长，预计复合年增长率为3%.5% and 4.8% between 2022G and 2030G, respectively¹¹.
• 公司发展的下一阶段包括延步增长二期扩建项目, which is planned to be completed in 2025G, 它将增加额外的II类基础油生产能力，并将III类基础油生产能力引入Luberef.
• 与沙特阿美公司及其资产组合的关系为进一步增长提供了一个独特的平台, 预计在2022年至2030年期间，全球基础油需求将增加约500万吨¹².

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¹⁰ _{Market Consultant Report - IHS Markit}

¹¹ _{Market Consultant Report - IHS Markit}

¹² _{Market Consultant Report - IHS Markit}

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Luberef’s high margins, 高现金转化率和高回报支撑了稳健的财务框架，并允许实现最佳股东价值:

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• In FY 2021G, Luberef generated approximately 十大菠菜导航网址 8,847 million (美元 2,359 million) in revenues and 十大菠菜导航网址 2,9.96亿美元(5.59亿美元)的EBITDA，现金转化率为83%，ROACE为31%. Furthermore, 在此期间，公司向股东分配了9.38亿里亚尔(合2.5亿美元)的股息.
• The Company achieved a base oil crack margin of 十大菠菜导航网址 2,250 (美元 599) per MT in FY 2021G.
• 公司在2021G财年强劲的财务业绩归功于II组基础油销量的增长，这是由于其在2021G年全面启动了Yanbu Growth I扩建项目, 此外，由于一些基础油生产商的炼油厂缺乏原料，基础油市场供应紧张，从而满足了高需求.
• 公司在稳健的财务框架下运营，重点关注包括资本结构在内的三个关键要素, capital investments and shareholders returns.
• The Company targets a prudent capital structure and strong liquidity position, 整个周期的目标负债率为25-35%，到2021年12月的目标负债率为15%.
• The Company's operational setup requires low maintenance capex, given its well invested asset base, preventative maintenance programs, the recently completed and ramped up expansions, and a rigorous capital allocation process for growth projects, 所有这些都支撑着稳健的财务状况，公司认为这对ROACE有利.

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Luberef对环境和社会绩效有着坚定的承诺，并拥有强大的治理框架:

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• Luberef has a goal to foster environmental excellence. The Company delivered a 40% flaring reduction in 2021G vs. 2020G, as well as an approximate 45% CO₂ emission reduction in 2021G vs. 2016G¹³  
• 该公司还在探索低碳氢生产的新机会和合作，以及降低燃料油和基础油硫含量的机会.
• 该公司与KAUST合作，目标是将燃料油和基础油的硫含量降低85%.
• 公司的目标是为员工及其所在社区的福祉和安全做出贡献. In 2021G, the Company reported a total recordable incident rate of 0.0, which reflects its efforts for employee safety.
• From a governance perspective, the Company has an experienced Board of Directors, 具有与适用的治理法规一致的已定义的公司治理策略.
• The Company maintains an arms-length relationship with Saudi Aramco, with key feedstock purchases and product sales conducted on an arm’s length basis.

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¹³_{Based on CO2 generated per valuable product produced i.e., base oils, naphtha, ULSD, and drilling fluid.}

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公司经验丰富的管理团队在整个价值链中拥有数十年的专业知识，并致力于促进卓越运营和创新:

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• Luberef has a highly experienced leadership team, with strong sector knowledge, and a deep commitment to maintaining the highest standards of excellence at the Company.
• 高级管理团队在各个运营和财务领域拥有超过170年的综合经验.