With the help of Allah the Almighty,
We, Salman bin Abdulaziz Al-Saud,
the King of the Kingdom of Saudi Arabia,
based on article 70 of the Basic Law of Governance issued by Royal Order O/90 dated 27 Sha’ban 1412 [1 March 1992],
based on article 20 of the Law of the Council of Ministers issued by Royal Order O/13 dated 3 Rabi Al-Awwal 1414 [20 August 1993],
based on article 18 of the Law of the Shura Council issued by Royal Order O/91 dated 27 Sha’ban 1412 [1 March 1992],
after perusal of Shura Council Decision 80/8 dated 2 Jumada Al-Awwal 1446 [4 November 2024],
and after perusal of Council of Ministers Decision 473 dated 7 Rajab 1446 [7 January 2025],
have decreed as follows
First
The Law of Petroleum and Petrochemical Materials is hereby approved in the form attached.
Second
The provisions of the law—referred to in clause First of this decree—do not prejudice the validity of licenses issued in accordance with the Petroleum Products Trade Law issued by Royal Decree D/18 dated 28 Muharram 1439 [18 October 2017], and the holders of these licenses—at the time the law comes into force—shall rectify their status in accordance with its provisions within a period not exceeding two years from the date of its entry into force, provided that they submit a plan to the Ministry of Energy to rectify their status within a maximum period of one year from the date of entry into force of the law and its regulations. The Minister of Energy may grant an additional grace period or periods to rectify their status not exceeding six years from the date of expiry of the specified period for rectifying the status, as he determines to be in the public interest.
Third
His Royal Highness the Prime Minister, the ministers, and the heads of independent concerned authorities—each within their area of competence—shall implement this decree of Ours.
Salman bin Abdulaziz Al-Saud
Issued on: 12 Rajab 1446
Corresponding to: 12 January 2025
Published in Umm Al-Qura 5066 issued on 24 January 2025.