Just In! Sinopec Signs Agreement with Saudi Aramco

On April 8, marking the 10th anniversary of the establishment of the Yanbu Refinery joint venture, Sinopec and Saudi Aramco signed the “Framework Agreement of YASREF+ Project.”

The project will leverage existing facilities to construct new units including 1.8 million tons/year of ethylene, 1.5 million tons/year of aromatics, and supporting downstream polyolefin units. It aims to maximize the synergistic effects of integrated refining and chemical operations, and build an innovative ecosystem spanning the entire industrial chain.

Sinopec stated that the Yanbu Refinery, as a model project of China-Saudi energy cooperation, has not only injected strong momentum into the local Saudi economy since its commissioning but also contributed positively to the upgrading of the petrochemical industry. The cooperation on the expansion project marks a move towards deeper and broader collaboration between the two parties. Sinopec expressed its commitment to further unleash the potential of the partnership, reshape traditional energy cooperation models, explore new areas for sustainable development, and jointly build a world-class integrated refining and chemical enterprise with comprehensive competitive advantages, supporting the global energy transition.

Saudi Aramco commented that the framework agreement on the Yanbu Refinery expansion project further deepens and enhances its strategic partnership with Sinopec. The planned expansion consolidates their commitment to product innovation and diversification. Saudi Aramco looks forward to strengthening cooperation with Sinopec to make the Yanbu Refinery a leading integrated refining and chemical enterprise. Meanwhile, they aim to reinforce Saudi Arabia’s status as a global leader in the energy and chemical sectors.

The Yanbu Refinery, a world-leading refinery jointly built by Sinopec and Saudi Aramco, occupies an area of approximately 5.2 million square meters and is located in the Yanbu Industrial City in Saudi Arabia. It is a key benchmark enterprise in the region. The refinery processes 430,000 barrels of Saudi heavy crude oil per day, producing refined oil products and high value-added products for supply to global markets.