Hello, everyone. I'm Saleh Alghamdi, Investor Relations Manager at Luberef. It is my pleasure to welcome you in today's audio webcast, where we will be discussing our performance for the third quarter of 2026. I'm also pleased to be joined today by our President and CEO, Mr. Samer Al-Hokail, and our CFO, Mr. Saud Kamakhi. Our session will begin with a presentation highlighting this quarter's performance, followed by a Q&A session. Please note this webcast is being recorded for future reference. Before we dive into the presentation, I would like to draw your attention to our cautionary statements. During today's presentation, we may make forward-looking statements that refer to estimates, plans, and expectations. Actual results and outcomes may differ materially due to factors stated in this slide. With that out of the way, I will now hand over the call to our President and CEO, Mr. Samer Al-Hokail. Thank you, Saleh, and good day, everyone. Welcome to Luberef's third quarter earnings call for 2026, and thank you for joining us. We value your participation today and look forward to sharing an overview of our business highlights, strategic progress, and financial results. Safety remains at the heart of our operations, especially in uncertain times. We have maintained zero total recordable cases for more than six years and achieved 45.1 million man-hours without a lost time injury. Alongside this safety performance, we achieved mechanical availability of 99.3%, supporting reliable production and our ability to meet customer demands. Turning to the market, base oil crack margins remained at record highs, marking the strongest level in Luberef's history. This performance was supported by tighter base oil supply, and refiners shifted production towards fuel products. Market fundamentals were further reinforced by geopolitical disruptions affecting key shipping routes, including the Straits of Hormuz and Bab-el-Mandeb. While these conditions supported margins, they also created significant logistical challenges and increased freight costs. We undertook extensive efforts across logistics, sales, and shipping, implementing a broad range of initiatives to maintain supply continuity and manage costs. These included activating alternative logistical arrangements by delivering to ports outside the Straits of Hormuz, rerouting ships preliminarily via the Cape of Good Hope, and supplying GCC customers by trucks on ex-tank basis. We also secured new sales outlets, maximized domestic sales, and renegotiated contracts of affreightment with customers and ship owners. Together, these initiatives strengthened our ability to navigate disruptions and continue serving our customers. In this regard, I'm particularly proud of our team's ability to navigate these disruptions while maintaining reliable supply to customers worldwide, leveraging our 50 year of operating experience, longstanding customer base and relationships, and freight cost-sharing arrangements with ship owners and customers as well. We successfully mitigated the additional freight cost while fulfilling our commitments. Times of uncertainty do not restrict our strategic focus. During the quarter, we reached an important milestone in delivering long-term value, announcing the continued operations of our Jeddah facility after fulfilling all three required conditions: securing feedstock allocation from the Ministry of Energy, extending the Utilities Sales Agreement with Saudi Aramco, which includes the facility's land lease as well, and signing a 10-year successor Feedstock and Return Streams Supply Agreement. Together, these steps secure the Jeddah facility's continued operation and contribution to Luberef's business, supporting our ambition to remain a long-term producer of Group I base oils. Alongside securing the future of Group I operations, we are advancing our ambition into Group III by successfully completing the slating program with Saudi Aramco to include Luberef's Group III product under the aramcoULTRA brand, marking an important step in expanding our product offering and long-term growth. This quarter also brought several important recognitions for Luberef, including the Extel's Most Honored Company Award, the MEIRA Gold Standard Certification, and a silver medal at the ARC Awards of our Board Annual Report. These recognitions reflect our team's dedication and continued commitment to transparency, effective communication, and excellence in investor relations practices. Governance was further enhanced through the formation of a board-level Sustainability and HSE Committee. This reinforces the board's oversight on these priorities and our commitment to responsible, reliable, and sustainable operation. For the remainder of 2026, our priorities are clear: protect our people and assets, maintain operational reliability, and serve our customers, all while advancing our strategic objectives. With a strong operating foundation and a dedicated team, we remain focused on translating favorable market conditions into sustained value for our shareholders. As for the Growth II project and its progress, certain EPC activities have required additional time and coordination, resulting in the planned October 2026 shutdown being rescheduled to the first half of 2027. The revised timing is intended to better align the shutdown with the remaining project scope, the majority of which is expected to be executed and completed during the outage. While driven by project execution requirements, the updated schedule also enables us to continue benefiting from the currently favorable base oil market environment and strong pricing conditions. As a result of the rescheduling, annual CapEx spending of Growth II is now projected to be between SAR 250 million to SAR 300 million versus the original range, with the year-to-date spending reaching SAR 191 million. Materials delivery and fabrication is ongoing despite the frequent development in the region. By utilizing alternative logistical channels and different project management techniques, we spared no effort to minimize the impact of existing challenges. Growth II remains one of the expansion pillars of the company, and we will continue to assess emerging market conditions and optimize best possible outcomes accordingly. Our base oil crack margin for the nine months of 2026 reached SAR 2,931 per metric ton, the highest level in Luberef's history. This reflects an exceptionally strong market environment, with crack margins increasing by 56% compared with the same period last year and standing at 63% above the 10-year historical average. Supported by strong performance and disciplined execution, these healthy market conditions enable us to deliver record financial results during the period. With that, I will now hand over to our CFO, Mr. Saud Kamakhi, who will walk us through our financial performance. Thank you, and happy to answer questions at the end. Thank you, Samer. I extend a warm welcome to you all, and I am delighted to take you through Luberef's financial performance for the first nine months of 2026 and provide insight into the guidance for the remaining financial year. Base oil markets have experienced significant shifts through 2026, with supply constraints emerging as the main driver supporting prices. While raising crude prices weighed on margins early in the year, subsequent supply disruptions and strong diesel economics tightened base oil availability, sustaining elevated prices despite softer end demand. From March through June, disruptions in the Middle East, combined with refiners prioritizing diesel production, further constrained base oil supply. The evolving situations around Bab-el-Mandeb added logistical challenges during July and August, while continued supply tightness supported prices through September and October. Reflecting these conditions, base oil prices increased from SAR 3,258 per metric ton in the first quarter to SAR 5,966 in the second quarter, an increase of 83%. Prices moderated by 5% in the third quarter to SAR 5,659 per metric ton, bringing the year-to-date average to SAR 5,053 per metric ton. Overall, tight supply and strong diesel economics continue to support base oil pricing. At the same time, weaker end demand, feedstock costs, and freight pressures remain key factors shaping the market environment. Our focus remains on capturing value from these conditions while managing logistics and costs to maintain reliable supply to our customers. We delivered another strong quarter, supported by robust base oil crack margins, reliable operations, and disciplined cost management amid challenging logistics conditions. Compared to the same period last year, base oil sales volume during the nine months period decreased to 793,000 metric tons due to logistical disruptions following the geopolitical situation in the region, including the recent evolving situation of Bab-el-Mandeb. Base oil crack margins reached SAR 2,931 per metric ton, providing a significant uplift to earnings. This strong performance translated into EBITDA of SAR 1.8 billion, representing an increase of 87% year-over-year, while net income rose to SAR 1.5 billion. These results demonstrate our ability to capitalize on favorable market conditions while maintaining operational resilience in uncertain times. The company generated strong cash from operations during the period at SAR 1.8 billion, a testament of the strength of our business model. Moving to capital expenditure, we invested SAR 453 million during the period to advance our growth plans and sustain the reliability of our operations. Of this, SAR 191 million supported progress on Growth II, while SAR 157 million was directed towards turnaround commitments. Nevertheless, the company recorded free cash flow of SAR 1.4 billion during the period despite accelerated spending on our capital program, which further strengthened the company's financial position and financial flexibility. Accordingly, the company closed this quarter with return on average capital employed, ROACE, of 42%, reflecting the efficient utilization of our asset base and a robust financial position with gearing ratio of negative 32%. Together, these metrics reflect a disciplined capital structure and a resilient balance sheet that provides a solid foundation for future growth. Net income for the first nine months of 2026 reached SAR 1.5 billion, comparing to SAR 746 million for the same period last year, representing a 105% year-on-year increase. The strong performance was primarily driven by higher crack margins as Luberef successfully capitalized on market conditions through effective operational management and strong safety and reliability performance, enabling the company to benefit from higher market prices and strong crack margins. Turning to our cash position, we began the year with a cash balance of approximately SAR 1.4 billion and generated SAR 1.8 billion in cash from operations, reflecting the strength of our operating performance and disciplined working capital management. During the period, we invested SAR 453 million in CapEx to support our strategic growth initiatives while returning SAR 589 million to shareholders through dividends for the second half of 2025. As a result, we closed the first nine months of 2026 with a cash balance of SAR 2.1 billion, maintaining a strong liquidity position and the financial flexibility to support both our growth strategy and shareholder returns. Considering the developments that took place in Bab el-Mandeb and our new mode of sales, we expect base oil sales in the last quarter to be around 240,000-260,000 metric tons, bringing our revised full-year sales forecast to 1.04 million metric tons. We have also rescheduled the Growth II shutdown to H1 2027 to better align the shutdown with the remaining project scope and capitalize on the current favorable business environment. The CapEx for the growth is expected to slow down with the rescheduling of the shutdown, while major amount will be shifted to next year. Other CapEx guidance range and all other guidance remain unchanged. This quarter results underscore the strength of our operations and our ability to deliver solid financial performance. As regional conditions continue to evolve, we remain focused on responding with agility, discipline, and capturing opportunities that create value. Our strong financial position provides a firm foundation to sustain profitability, preserve balance sheet strength, and support our long-term growth ambitions. With that, we move to the Q&A session that will be moderated by Saleh. Thanks to our management. As usual, esteemed attendees, please state your name, the company you represent, and your question. Kindly note, there is an option for written questions as well. We will begin with Mr. Nayef bin Ghaith. Nayef, please step forward. السلام عليكم. Am I audible? السلام عليكم. Am I audible? Assalamu alaikum. Salah has just disconnected. If we hold on for one moment, we will just get him back on. Sure thing. Hi. We are just getting the speakers back shortly, so please bear with us. David, you can hear us? Hi, we can hear you. You are back on the call now. Thank you. Assalamu alaikum, Naif. Do you hear us? Wa alaikum assalam. Yes, I can hear you now. I apologize for the technical upset. Please, Saleh, step forward and ask your question, Naif. Thank you. First of all, congratulations on your results. From my end, I just have two questions. First would be if you are still shipping via Cape of Good Hope, or is the situation in Bab-el-Mandeb, has it escalated a bit? The second would be in terms of oil prices. If you recall, the second quarter, there was a one-off item that needed to be adjusted in the financial statements. Since oil have struck at the start of the quarter and now has gone down, will we see any benefit from that on your feedstock and inventories? Okay, Naif. I will repeat your questions. Number one is related to the shipping through the Cape of Good Hope for the Asian customer, and the short answer to that is yes. This is still the setup that we expect to continue for the remaining of the quarter, the last quarter as well. Your second question, if I understand you correctly, it's related to any inventory reevaluation as a result of the movement in the crude prices. Are you referring to the third quarter or the fourth quarter? Can you please confirm the period? Yeah, it's to the start of the fourth quarter. Okay. Our CFO will handle this question. Thank you, Naif, for asking these questions. Again, this would depend finally on the movement of the prices. As we can see now with the changes and the geopolitical situation, we notice that prices, especially for our feed, is moving up and down. It depends, and very quick pace, to be honest. We cannot provide expectation for the next, by the end of the year. But during the third quarter, we noticed some of the, especially by the end of the quarter, some increase on the prices, and that have an impact on our valuation of inventory during the third quarter. Hope that answered your question. Yeah, clear. Thank you. Thank you, Naif. Next, Mr. Ricardo from Morgan Stanley. Please step forward. Hello. Good afternoon. Thanks for taking my question. Couple of questions, if I may. One, following up on the shipping side of things. Is that the reason why you are not seeing that much of a recovery in volumes on the fourth quarter, or is anything else that is not allowing you to go back to maybe the first quarter levels on the volumes? Then the second, if you could please just comment on the byproduct margins, that would be great. Thank you. Thank you, Ricardo. Ricardo, thanks for the great question. This is Samer, the CEO. Yes, there are difference between the first half or the first quarter and the third, and the reason is because of the disruptions that took place in Hormuz, which is the east side. Bab-el-Mandeb was open back then. Now it is closed. So you would have high traffic of ships, and some ships really do take a long time for it to port, and then we would actually lift them. So yes, there are a small or bit of volume delays in terms of the sales as well, because of the high traffic of the ships. Ricardo, can you please repeat your second question? On the byproduct margins, if you could give us some color on how were margins on the third quarter? Yes. Hi, Ricardo. This is again, so thank you for attending with us. For the third quarter, if we compare it even to the second quarter, yes, we see an improvement in our crack margins for the byproducts, and that mainly also supported by elevation of the prices in the diesel. During the third quarter, we have a crack margin of our byproduct around $15 per metric ton. Okay. That's very clear. Thank you very much. Thank you, Ricardo. Next, Mr. Abhishek Kumar, please step forward. Abhishek, do you hear us? Hi. Can you hear me? Yes, yes. Loud and clear. Please. Oh, yeah. Thank you. Thank you very much for giving the opportunity to ask the question. I have two, if I may. One on staying on the volumes. The fourth quarter guidance, again, is low, and you mentioned about high traffic of ships, et cetera. But then again, I mean, you had started shipping through the longer Cape of Good Hope in the month of August, September. In that sense, what is now stopping you from achieving the normalized shipping volumes during the fourth quarter? Is there any impact on the production as well, or you are producing as per your capacity and you are building up inventory, which will kind of release when the shipping kind of normalizes? That is one. On second question is on the free cash flow generation. This quarter was a bit weaker on that. Do you think how should we look at fourth quarter in terms of the free cash flows generation? Okay. Thank you, Abhishek. Your first question, I would like to summarize everything that happened this year, and I am also referencing what our President and CEO mentioned briefly. First of all, it is the traffic of the shipment. Second thing, the longer routes and the collection or the realization of the sales. One important aspect that we have been frequently referring to since the second quarter is the slight change in the feedstock quality that has a minor impact on the yield of the base oil. Because after the Kingdom started shipping oil from the west of the Kingdom of Saudi Arabia, this accordingly has an impact on the kind of feedstock quality that we process. These are some of the major factors that summarize everything in a nutshell. Regarding your second question, perhaps our CFO would like to Before the free cash flow question or the financials, Abhishek, good question. Let me just clarify. When I say traffic is queuing, so ship comes in, requires anchors, and it requires to be nominated. This takes time in a high-traffic port area, given the crude oil is being sold versus, let us say, fuels, dry dock, and so on. These are all end base oil. These are all being queued. You could imagine like a queue of ships waiting for it to get nominated and calling for the port. This takes time. Unfortunately, some stay even more than 10 days for them to port. So that is what is making the sales a bit maybe shift from a month, or maybe from a week to 15 days or less. Thank you, Mr. President. Mr. Saud. Right. Regarding our free cash flow, during this quarter, we have around SAR 338 million of free cash flow. One of the main reasons of that is also the CapEx that we spent, especially on the turnaround activities that have been closed last year, and also in advancing in our projects of our project for Group III. If you even compare that spending of this quarter comparing to last same quarter, last year we spent SAR 72 million, and the growth comparing to 25. However, our cash from operation during the nine months was very strong, and with the expectation of the sales range of 240, 260, we are expected that would support our final free cash flow by the end of the year. Thank you. Thank you very much. Just to clarify on the first point. There is essentially inventory buildup which is happening, and as and when we will have shipping out or we start shipping through Bab el-Mandeb, these volumes would go out. Is my understanding correct, or is this volume that has been lost? No, no. The volumes haven't been lost. The volumes will be shifted accordingly. We don't want to lose any volume. Now, of course, if it's Bab el-Mandeb, it's an easier route, and the turnover of the tanks becomes faster. So your inventory is building up, essentially? Yes, the inventory, the inventory should be building up, yes. Okay. On the sales front, can you clarify whether most of your sales is on a CFR or FOB basis, or how is that composition? Most of our sales are CFR, but during this period, we have a mix of both, especially with the limited or challenges in the ships that can come to the region and to the Red Sea. However, most of our sales, I can say that the CFR. Thank you very much. Thank you, Mr. Abhishek. Next, Mr. Ildar Khaziev from HSBC. Please step forward, Mr. Eldar. Yes. Thank you very much. I have a few questions. First, on byproduct margins. Can you tell us whether the realized prices for the byproducts were moving in line with the market, or there have been impact of some domestic pricing issues maybe? I think this is. Then maybe also on that front, was there any impact of inventories on that number of SAR 15 per ton? This is my first question. Secondly, I wanted to understand the timeline of the Yanbu expansion upgrade project. Can you tell us what was the planned scope of the shutdown for October? I think you mentioned previously that there was supposed to be another one, smaller one, in 2027. What was the scope of this shutdown, which now has moved to 2027, and what was supposed to be done next year? Are these activities going to be combined together next year? Thank you. Okay. Eldar, I will handle the latter question. You are right, it was supposed to be a shutdown in October and then one in second half of 2027. We will combine those in a very optimized schedule in the first half of 2027. We will give further guidance in terms of the timing. The scope is to actually do the whole project and be able to start up the project on stream. Of course, this is not a refinery. This is usually work, Luberef or base oil is in a batch operation, so it is not going to be continuous. It takes time for it to reach the nameplate of the project and be able to make good sales. That is the scope of it. It is combined with an optimized schedule, and we are working on it, and yes, I have seen good progress since. For your first question, Eldar, I will have it with the CFO. Yes. Hi, Eldar. Thank you for your question. We have a mix of byproducts that range from asphalt, diesel, naphtha, and others. As you know, for example, as we announced in the diesel that we have all, this is as an index. The thing that I can answer you at this stage is that all those prices, we do not have the subsidies prices that might be lifted and have a different impact. All our prices are indexed either to a local index or even to the international one, and that is what we price our products at. Just looking at the first quarter, I think you were, if I am not mistaken, you reported like $70 per ton, I think? Yes. It is just a little bit surprising that the 3Q was only $15. Was 1Q inflated by any chance by something? What has changed? Because if everything was moving in line with the market, then I think 3Q should have been similar to 1Q. Yeah, but diesel prices in the first quarter are also different than the third quarter. It was much higher during March, comparing to the level that we have it in Q3, which is one of our byproducts. Also, we have some fuels that also returning to our shareholder and some of affiliates company and in the market that maybe also have some impact on the byproducts margin in general. I see. Finally, can I ask also about the impact of inventory, prices of inventories? I think in 1Q, you said the inventory gain was about $25 million. Then there was a minus $45 million loss in 2Q. Is the number for nine months negative or positive? Because prices have moved higher, definitely higher, so it should have been a positive impact. Maybe there was an impact of using particular layers of inventories, which has sort of distorted the impact of that so far. You are totally right, Eldar. Comparing it to what we started the year, our feed have moved from around $350 or $400 per metric ton and reaches to a level where we see at $850 or $900. With that, comparing to that, we have a positive inventory revaluation in our books from that perspective. Thank you. Thank you. Thank you, Eldar. We will take two written questions before heading back to our guest. Question number one from Mr. Mohammed Al-Hamid from Al Rajhi Capital. Regarding the Growth II project, could you clarify the expected start date of the shutdown, when it is expected to be completed, and when you anticipate the first commercial batch of Group III base oils? I will begin, and our management may shed some light later if needed. As mentioned, the shutdown is going to be in H1 2027. So far, the period has not been specified yet. As our President highlighted, the purpose is to optimize it because we had originally two different scopes in October this year and then H1 next year. All of them right now will be combined and hopefully optimized as well. As of now, this is still yet. It is still fluctuating, nothing to be concreted yet. In the annual earning call, the audience should have a better clarity about these subjects. The first commercial batch will take place accordingly afterwards. As the President highlighted shortly, it is going to take some time to reach the nameplate capacity, as this is a batch and flexible operation. Moving to the next set of questions from Mr. Rabeh Moussa. One of them already covered, how long will the combined shutdown last? This will be subject to further clarification at the annual earning call. What is your CapEx expectation for the full year of 2026 and the expected for 2027? For 2026, as we highlighted right now, we have lowered our guidance for the growth spending. Originally, it was SAR 300 million-SAR 350 million, now SAR 250 million-SAR 300 million. Sustaining CapEx should remain as is, and we are left with minor spending related to the growth of Yanbu from last year. Last question, and this is a bit. We need to detail it further. What is the management outlook for crack margins for the coming year? As usual, Mr. Rabeh, we do not guide for the crack margin. We like to speak about each segment separately. Base oils are expected to be lower after the forecast period. However, by lower, we mean that it is going to be lower than compared to now, not compared to the pre-war figures. The numbers are still expected to be elevated. The same can be said about the fuel oil or our feedstock type, because the demand is expected to rise in different regions around the world as we go on further, mainly due to two main factors. Number one is the shortage of supply from the Middle East and Russia. Number two is the global shortage of inventory. Before I conclude this part and maybe give the management room to clarify further, it is important to note that base oil is rigid. It does not react or change very frequently compared to our feedstock, which is a crude derivative, which often goes up and down almost instantly overnight. I think you've nailed it, Saleh. Very difficult to do the crack margins unless you do it segmentation, outlook-wise. There is, I've always mentioned, there is a lag between crude oil prices. You might have a proxy in base oil. In fact, on the byproducts, diesel and others, these are quite liquid and known in the market. Thank you, Mr. President. Back to our audience. Mr. Oliver Connor from Citi, could you please step forward? Thank you for taking my questions. First one, just coming back to the sales outlook and the sort of freight restrictions. I mean, what's your sense on what can be achieved in terms of more vessels or a de-bottlenecking of that sort of rerouting if we stay in this sales situation? Because obviously your ambition is to grow volumes next year with Growth II. So I'm just wondering what the cap looks like on sales into next year if you stay with a situation where you can't transverse the Red Sea as you have been before. Then the second question, just coming back on the margin outlook. Obviously, you mentioned around the sort of fuel oil demand piece, which we're seeing come through at the moment. I know you've mentioned before about 1Q being a strong, typically a seasonally strong period for base oil buyers. Is that something that you're expecting to see again into next year, particularly if we stay in a situation where supply is constrained? Thank you. I am going to repeat your questions, Mr. Oliver Connor, just to make sure we are clear. Number one, you are asking basically what can be done from a shipping perspective to further enhance the sales volumes. Number two, you are asking about whether or not we believe the prices of base oil will remain elevated in the next year. Do I get you correctly? Yes, exactly. Particularly around the demand piece, because I know you mentioned before that is quite strong, typically in 1Q of a given year. Yeah. On the first question, the company is looking at all possible options, actually. We were successful in, as I mentioned, in even trucking and finding marketing routes that are different and able to get some ships to go on a longer route. Now, of course, if Bab-el-Mandeb opens, yes, it becomes easier. This is the bottleneck that we are having, and we are working closely with all of the authorities and port authorities to ensure these ships are optimized and come on time. We were successful in others. It could have been lower, but not. It could for our team and the stakeholders. I foresee that now, I think it is even better in terms of sales, and volumes will be hopefully higher than what we anticipated. Thank you, Mr. President. Regarding your second question, I am going to just maybe pick up from where I left a few minutes ago. You are right with your analysis. It is usually the highest demand in the first quarter of the year for obvious reasons. The thing that is currently being observed worldwide is that there is a lower inventory worldwide, and this is not only on crude level, but also on base oil levels. The demand is there. The demand is there whether it is locally, whether it is in export markets, whether it is in different destination of the world. The thing is that, and this is mainly from a blender perspective, the ability to consume the previous quantities is mainly limited by the current elevated prices. This has been the environment we are seeing- It is ourselves and since end of Q2, to be precise. The demand is there. The prices are very elevated. It is the pushback that happens every once in a while from the customers, which are the blenders, on the hope that prices will drop down. I hope I answered the question. Yes, very clear. Thank you. Thank you. Moving to Mr. Taha Javed. Please step forward. All right. Thank you so much. Just to understand this issue, normally on the- Mr. Taha, could you please Mr. Taha, I apologize for the interruption. Could you please raise your voice? It is a bit far away. Okay. I will try to speak louder. Thank you so much. If it is possible for you to share what is the, on the shipping side, like normally what kind of a payload does the ship take? I am trying to understand like the dynamics around that. Okay. Your question is related to how much the Mr. Taha, can you please unmute? Sorry. Thank you. Your question, I believe it is related to the shipping and how long it takes with the new setup. As explained, we take approximately 45 to 60 days additional, given the situation with the Cape of Good Hope. Adding to this, what our President referred to is how long for the ship takes to load, given the high traffic in the region. Did I answer your question? I understood, okay. What is the tonnage, like how much quantity does a ship normally take? Well, typically a base oil ship is, you can link it to the chemical tankers of petrochemicals. They call JJI or J19, and at least in our case, they take approximately from 10,000 to 15,000 metric ton per ship, give or take. Thank you so much. Just because Bab-el-Mandeb is closed for you guys, just wanted to understand this because this ship size doesn't seem a very big ship size. Like in Strait of Hormuz, we are seeing regular attacks and still shipping is going on. So why not on the Bab-el-Mandeb side, this is happening for you guys? Maybe hard for you to answer, but I'm just trying to figure out. We are not using the Bab-el-Mandeb, Mr. Taha. That's- Yeah, yeah. That's why I'm asking, why not? Because, in simple terms, it is not the call of Luberef. It is the call of the ship owners whether or not to pass through the Bab-el-Mandeb. Our President highlighted recently, shortly that we are looking at every angle, but the thing is that those angles and those options are not directly under Luberef control. We mainly try to influence the decision-making and try to find a suitable solution by collaborating with different entities. Understood. Thank you and Mr. Mishra for the- You are most welcome. Moving to Mr. Aakarsh Tomar. Aakarsh Tomar. Hi. Thank you so much for giving me the opportunity to ask a question, and thank you for the detailed presentation. This is Aakarsh Tomar from SICO Investment Bank, Bahrain. I have a question in terms of your next year. For example, if we were to assume that shipping normalizes, and there is no issue related to shipping, but you have a new project coming in and then shut down in the existing ones, can you give us an idea? I know you have not disclosed the kind of closure that you will see, the duration, but can you give us an idea in terms of volumes? What kind of volumes are we looking at or forecasting for next year? Is it going to be more like this year, close to 1 million tons, or we can expect towards the higher end? I'm just trying to understand because you are having issues with the volumes now. Was it not physically possible or there are other constraints to bring forward the turnaround to this year or because volumes can't be shipped out? Just trying to understand in terms of volume perspective, what kind of losses are we looking at for the next year also? Okay. Very clear question. I'm just maybe to you and also to others who are looking for that. [Foreign language] usually, Inshallah, will bring that in the annual guidance in February once we have that. But I would like to make a statement here that next year quantities maybe is not the most important figure that we look at it from quantity perspective, because once we have the Group III online, which will have a higher margin comparing to others, but also have higher yield. That means that producing that might impact the quantities of the total sales that we do from quantity perspective, but with a higher margin. Therefore, as we just finalizing the plan for the shutdowns and expected time to come online next year with the new products, then we will have a better figure, and we will share that with everyone, Inshallah, in February. Hope that answers your question. No, that's very good. That's very good. My second question was, I just wanted to understand, so in terms of, we know that you have kind of contracted rates with your shipping companies. I want to understand how does that work? Are you contracted on a day rate basis, but now because it is taking 45 to 60 days additional for you, then that cost is being borne by you currently? Or is it like it's just covered on the basis of from where you are, they are loading? Good question, Vikas. This is negotiated, and it is not bound fully with the Luberef. Okay, so you are kind of hedged against it, right? I am just trying to understand that you are not impacted, like other players are impacted much more because they do not have a contract with the shipper, but you, since you have a contract- No, no impact. These are long-term contracts. In the industry, it is very, very normal for a customer and a producer to share costs during times like that. Very well-known. So there are no issues on there. Thank you, Vikas. Okay. Thank you so much. Thank you, Mr. Tomar. Moving to Dr. Javad Basiri. Dr. Javad, could you please step forward? Dr. Javad, do you hear us? Hi. Am I audible? Yes, please. Okay, thank you. Javad from Vostra Frankfurt. Firstly, congratulations on a record nine months in a tough market. You call Group I structurally tightening, and you just signed 10 more years at Jeddah. I just wanted to know and understand, once the disruptions ease, how much of today's margin do you think stays? Thank you. Well, I think there are two sides to your question. Number one, the fact that Group I is still valuable, not because there is growth, but because supply is being dropped faster than the pace of demand. This is where the value of Group I comes in place, especially in a product called bright stock. That is about this part. The second thing is, to be honest, it is very difficult to know how fast the normal demand and supply will go back. But I can answer you in a different way, that prices will not normalize as fast as they do when it comes to crude and fuel derivatives, for example. It will take some time before that kind of environment goes back to normal in base oil. Dr. Javad, Samer here. Good question on Group I. Although the globe and everybody is trying to retract from Group I think on our side, we see Group I a major product, especially in our region. So there is demand there around our region. And the CAGR is higher than what you would probably think on Group I. Therefore, that is why the 10-year supply agreement and what have you, especially on the bright stock and others. Okay. Thank you so much, and good luck. Thank you. Mr. Renison, I believe from Al Rajhi Capital. Please correct me if I am wrong. Could you please step forward? Hey. Hi, am I audible? Yes. Yes. Thanks for taking my questions. Renison Macwan this side from Al Rajhi Capital. I have two, please. First one being, what was the freight cost in dollar-ton terms during the Q3 quarters, and how has that developed quarter-on-quarter in Q3? We usually provide that guidance by the end of the year. It depends, to be honest, on the destination. Even now, we used at the beginning of the year different destinations through Bab-el-Mandeb. Now we have the Cape of Good Hope, and that depends where the ship is going to. As also mentioned earlier, most of those costs are not borne by Luberef. The impact here is not that max, it is minimum. You will see that in our financial that freight will not have, by the end of the year, it is not different than last year. Thank you. My second question is, again, it is related to shutdowns. I know you already kind of discussed during the call, but I was just thinking in terms of, let us say, if we assume the shutdowns were to happen in June next year, 2027, then the Growth II project would start up and ramp up by probably around September 2027. Basically, we are looking at the full impact of Group III product by the end of 2027. Am I correct in my understanding, or? Well, if you are assuming the shutdown to be at that time, that's a reasonable assumption. But there are multiple factors, to be honest. One of them is how long it will take for a facility to pick up the production. And we have often spoke that it's very subjective how much a facility can pick up the production after the completion of a shutdown or a project. Okay, understood. Thank you. Thank you. All right. For the sake of time, I'm going to have Mr. Mohammed Al Bakr please step forward, and then maybe a couple of questions from the written side. Mr. Mohammed Al Bakr? Yeah. Assalamualaikum. Thank you, management, for Congratulations, management, for the great result. My question is the decline in sales related to any difficulties in securing feedstock? Mr. Mohammed, I apologize. I lost you for a minute. I apologize. Could you please repeat your question? Is the decline in sales related to any difficulties in securing feedstock? No, Mr. Mohammed, but for the reasons that we explained in the beginning of the meeting, and one of them is the change in the feedstock quality that we received as a result of prioritizing the export of Arab Extra Light from the western side of the Kingdom of Saudi Arabia. Okay, thank you. Thank you, Mr. Mohammed. I'm going to have a couple of questions from the written side. Number one, question from Mr. Iranjan. "As crude oil appears to be moving through the Strait of Hormuz, do you expect refinery run rates in Asia to increase, thus increasing base oil supply and put pressure on base oil prices?" We did talk about this. The forecast for the crude in the coming year, especially crude and all of the crude derivatives, including the fuel oil, is to increase. You're absolutely right in your observation. Movement do tend to increase. However, as we speak right now, there tends to be a more prioritization to middle distillates, which further put pressure on base oil to remain tight, not the other way around. This is what the forecast suggests as of now. Moving to Abdul Ghaffar from SEDCO Capital. Can you please quantify the base oil inventory you have built up in KT and the third quarter revaluation gain in Saudi Riyal?" Honestly speaking, Mr. Abdul Ghaffar, it's not a straight run figure in our mind. I would like to highlight that the entire mode of operation in 2026 is abnormal, because we often sell what we produce. We're not in a mode where we build up inventory and keep it. That's not basically the thing. Maybe this is something we can discuss later. I'm happy to have a call with you. Next, Mr. Naif Bin Ghayth again. "Is the sales volume guidance in terms of shipping or revenue recognition? If it's in terms of revenue recognition, is there a spillover from the third quarter?" Thank you. Yes. Naif, the reduction in our sales during this quarter is just shifting the quantity from one quarter to another. That is due to that. Some of them are already shipped, and some of them will be recognized in the next month. It's mainly revenue recognition, where we have longer routes to reach to our customers. It's from one month to another. Thank you, Mr. Saud. Back again, Mr. Eldar, could you please step forward? Yes, thank you again. Just coming back to that issue of very high prices impacting the demand, as you mentioned. Is that by any chance also a factor which constrains your volumes at the moment? This is my first question. Secondly, can you tell us how you are thinking about your 2027 shipping operations? I mean, are you trying to secure similar agreements for the next year as well? Can you repeat the first question, Eldar? I did not get you the first one. Sorry. Yes. You mentioned that very high base oil prices constraining demand at the moment globally. Is there any chance this is affecting your volumes as well at the moment? Thank you. It is the other way around. I know this is confusing. To be honest with you, I know that this is confusing. There is a limit to, because let me put it in a different way. Lubricant blenders or the final customers, they cannot substitute, for example, the base oil feedstock. It is feedstock to them. They cannot substitute it with, for example, another kind of feed. It is not like petrochemical, where people either get naphtha or propane, for example. At the end of the day, they are limited to base oil as a feedstock. It is just that delaying the demand as much as possible until, hopefully, to them at least, getting some clarity or some end of the tunnel light regarding the prices. That is the kind of environment that is taking place. Shipping operation, it is very difficult to forecast or see what will happen. We're hopeful, Eldar, that things subside quickly and we're able to resume to our own operations like before. Given the fact that the team did an exceptional job, honestly, tremendous, and I'm happy with the men and women of Luberef and their teams who were able to find the areas of improvement and optimize scheduling and finding good markets and opening others and routes as well to move these products. The proof is in the pudding. I'm happy with the results. Absolutely. Maybe just one last question. Any chance you could quantify the input of inventory items on 3Q results? Thank you. Yes. If we are talking about Q3, we can say around SAR 40 million. Thank you. Thank you, Eldar. Mr. Abhishek. We lost Mr. Abhishek. Mr. Abhishek, again. We will give a few minutes in response to the technical issue we had in the beginning. Mr. Abhishek, please step forward. Yeah, sure. Thank you very much for taking the question again. I think in the opening remarks, you also mentioned about the transportation through land, et cetera. Given you have shipping bottlenecks currently, have you also explored the option of doing the transportation through land, through, say, Oman, and then onward transportation? There also, is the same bottlenecks or the cost of shipping, and then again, the overall freight cost would be too high and prohibitive to go to that route? This is what our President referred to in his statement, Mr. Abhishek. Shipping through on ex-tank basis, this is what it speaks about. We are delivering product to the ports of the Gulf, in Oman, in alternative routes in UAE, and in Qatar through trucks. Regarding the cost, the cost is shared, given that there is a tight supply, so customers are basically lining up for the product. Okay. The bottleneck obviously is going to be to which degree you can increase the export or the supply in this case, because you are limited to trucks. That's the point. Yeah, the trucks are also kind of- I would add to that- in short supply. Yes. I would add to that even Luberef is Our feedstock also is indexed, and it's priced for the international price. We are having higher feedstock. That would not also prevent us, for example, from buying our products, producing the base oil and the products for our customers, and our customers are also lining up outside of Houston and Dallas. Yeah, absolutely. I mean, kudos to the team in such difficult circumstances, delivering such an exceptional result. Absolutely. Okay. Thank you, Mr. Abhishek. We have back again Mr. Renison from Al Rajhi Capital. Please step forward. Mr. Renison, do you hear us? Hi. Sorry, my questions have been answered. Thank you. Got it. Thank you. Mr. Mohammed Al Bakr? Mr. Mohammed Al Bakr, do you hear us? Okay. Next, we have Mr. Taha Javed. Mr. Taha Javed? Assalamu alaykum. Wa alaykumu s-salam. Sorry, I am just using the Mr. Taha Javed link here to ask the question. I had some technical difficulty in joining the call earlier. My question is on the production from the feedstock. You mentioned that because of the change in the feedstock, there is a certain impact on the overall yield of the base oil. Would you be able to please quantify it? Let us say, from 1,000 barrels per day of feedstock, how much were you able to produce base oil before this change in feedstock, and how much you are now able to produce from the same quantity, 1,000 barrels per day, or 1,000 tons, whatever number it is? Well, historically, the drop is somewhere between 5% to 10% as a result of a lighter feed. Because overall, the volumes have dropped by 20%, we should assume that there are some kind of inventory built up in third quarter because of the issues with the shipping. If you couple that with a lighter feed, you will not build up inventory. Sorry, please go ahead. Do not forget that the beginning of the year, we started with a very low sales due to the coming out from the turnaround. Taking out with that, with the full spectrum of the picture from the beginning of the year, the second quarter, actually, we achieved more than 300,000 of sales in base oil. That is a testament of that impact is very minimal. Okay. Thanks a lot. Just to clarify, quarter-on-quarter, third quarter inventory level versus second quarter, there is not a very big change. What we are seeing in terms of the drop in sales volume is not loss of volume because of the shipping issue. The company is able to produce less, and they are not able. That is the reason they are selling less. Sorry, you are saying that because of the shipping, that you are. I apologize, I am just going to repeat your words. Because of the shipping constraint, we are producing less and accordingly selling less. That is what you are saying? No, I am saying there is no change in the. There is no significant change in the inventory level on a quarter-on-quarter basis, third quarter versus second quarter. The drop in volume is directly attributed to the change in the feedstock quality. Is that understanding correct? Nothing is significant, Mr. Taha, on that level. Inventory is. We are producing as normal. We are continuing our production, and we are doing our sales at a normal pace. The only thing that, as we mentioned, the impact on the third quarter sales are mainly due to the logistical constraint that we had. However, that, if you look at our expected volumes in next quarter, would be higher than this quarter. This is our guidance. That gives that we are having a seamless operation, very agile, and we are trying to maximize our sales as much as possible. I think one last Thank you Thank you all for excellent dialogue and questions, and we are open always. Last statement is what has gone through, especially in the western region, is something that is abnormal for companies. It is a testimony for our resilience, the ability with the quality of people we have. We are able to overcome many, many challenges. In fact, turn these challenges not only an opportunity, but create and capture value during volatile times and markets. That is agility. I believe we have that under our belts, and that is because of the excellent training, 50 years of experiences that are compiled all together between our men and women, whom are in the field, in the offices, and innovate and look forward for even a better value and opportunities. Thank you all for listening, and we will see you at the end of the year. Thank you, Mr. President, for the closing remarks. We are happy to have any comments or questions or one-on-one calls afterwards, as usual. Thank you for your attendance.