London, Asharq Al-Awsat- The Saudi Aramco Board of Directors, under the chairmanship of Ali I. Al-Naimi, Minister of Petroleum and Mineral Resources approved the 2006 capital and non-capital budgets as presented, including Exploration and Development budgets.

A total of 24 Expenditure Requests were also presented and approved for 2006, including the Hawiyah Gas Plant Expansion Project; a project for upgrading Jeddah Refinery waste water treatment facilities; items for computing systems and computer workstations and software; home ownership housing loans; and the annual operating expenses for Saudi Aramco Built Government Schools.

The board also received a status report on the proposed Fujian Integrated Refining and Petrochemical Project.

A status report on the company”s export refining initiative, which is now in progress, was also presented.

The board”s Audit Committee reported on the status of the company”s appointed independent auditors for 2005. Recommendations were also presented and endorsed for the nomination of the independent auditors for 2006, subject to the approval of the Saudi Supreme Council.