This statement is made in connection with the requirement by the Government of the United Kingdom to publish a statement with respect to UK taxation.

Saudi Aramco and its affiliates (“Aramco”) collectively do business in jurisdictions across the globe.  In all countries where there is an Aramco presence, we strive to maintain the highest legal and ethical standards in the conduct of Aramco business.

Aramco is a large multinational organization and we supply more crude oil to the global economy than any other oil producer. We have a sophisticated and sizeable Law organization including tax counsel. Furthermore, Aramco regularly engages leading law and accountancy firms around the world to ensure we obtain best in class legal and tax advice which allows us to comply fully with our legal and tax obligations across the world.  Aramco does not undertake business transactions without sound legal and tax advice.

We are ultimately the state-owned oil company of the Kingdom of Saudi Arabia and it may be that we are able to claim sovereign immunity in certain jurisdictions in which we conduct business, including immunity from taxation.  Accordingly, our business is conducted on and our operational structures are based on sound commercial considerations. Aramco does not undertake transactions that are not underpinned by clear commercial considerations. In other words, Aramco does not undertake transactions that are solely or mainly motivated by tax considerations.

With respect to the tax treatment of Aramco operations in the UK, just as with the legal and tax treatment of all Aramco operations across the globe, we strive to adhere to the values described above.  Legal and tax risk should be appropriately managed and governed by the same high standards that we apply to all of our business activity.  And, just as with any other legal requirements, our tax affairs are always conducted in accordance with applicable laws.  Finally, in our dealings in the UK with Her Majesty’s Revenue and Customs, as in our dealings with any taxing authority, we seek to be open and transparent.