Aramco, Sinopec, and Yasref have signed a Venture Framework Agreement (VFA) to facilitate a significant petrochemical expansion at the Yasref refinery in Yanbu, Saudi Arabia.
This development aligns with Yasref’s 10th anniversary and aims to advance engineering studies for a fully integrated petrochemical complex at the site.
The planned project, a collaboration between Aramco (62.5%) and Sinopec (37.5%), seeks to integrate advanced petrochemical facilities at Yasref. It includes a state-of-the-art petrochemical unit, a large-scale mixed feed steam cracker with a capacity of 1.8 million tons per year, and a 1.5-million tons per year aromatics complex with downstream derivatives.
This integration is expected to enhance production capabilities and diversify output to meet increasing demand for high-quality petrochemical products.
Aramco President & CEO Amin H. Nasser highlighted the deepening partnership with Sinopec, stating that the expansion underscores their commitment to product innovation and diversification.
The initiative is positioned to strengthen Saudi Arabia’s standing as a global leader in energy and chemicals.
Aramco Downstream President Mohammed Y. Al Qahtani emphasised that the expansion aligns with their downstream strategy to convert up to four million barrels per day of crude oil into petrochemicals by 2030.
He noted the importance of advancing refining and petrochemical capabilities to drive industrial innovation and economic transformation.
Sinopec President Zhao Dong remarked on Yasref’s role in boosting local economic growth and advancing the petrochemical industry. He expressed optimism about the expansion, unlocking new collaborative potential and contributing to sustainable development.
Yasref is part of a series of strategic partnerships between Aramco and Sinopec, including ventures like Sinopec Senmei Petroleum Company and Sinopec SABIC Tianjin Petrochemical Co.
These collaborations aim to strengthen energy security, encourage industrial innovation, and support the global economy.