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Fibre2Fashion
15-05-2025
- Business
- Fibre2Fashion
Aramco inks 34 deals with US firms worth ~$90 bn
Aramco, one of the world's leading integrated energy and chemicals companies, yesterday announced the signing of 34 Memoranda of Understanding (MoUs) and agreements, with a potential total value of approximately $90 billion, with major US companies, through its Aramco Group Companies. The MoUs and agreements cover collaborations and partnerships relating to a range of Aramco's activities, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, Artificial Intelligence (AI) and other digital solutions, manufacturing, asset management, short-term cash investments, and procurement of materials, equipment, and services. The MoUs and agreements aim to build on the longstanding relationship between Aramco and US companies, enhance shareholder value, and foster further collaboration and innovation in the energy sector and beyond. Aramco signed thirty-four MoUs and agreements worth ~$90 billion with major US firms to boost collaboration across LNG, fuels, chemicals, AI, and services through its Aramco Group Companies. Key partners include ExxonMobil, Amazon, NVIDIA, Qualcomm, and Sempra. The deals aim to drive innovation, expand Aramco's portfolio, and strengthen its longstanding ties with the US. Amin H. Nasser, Aramco President & CEO, said: 'Yesterday's announcements show the breadth and depth of Aramco's long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago. Our US-related activities have evolved over the decades, and now include multi-disciplinary R&D, the Motiva refinery in Port Arthur, start-up investments, potential collaborations in LNG, and ongoing procurement. As Aramco pursues an ambitious value-driven growth strategy, we believe that aligning with world-class partners supports further development of our operations, strategic diversification of our portfolio, industrial innovation, and ongoing capability development within the Kingdom.' The MoUs and agreements signed by Aramco, and its Aramco Group Companies, are as follows: Downstream Honeywell UOP: MoU related to technology licensing for an aromatics project. Motiva: MoU related to an aromatics project in Port Arthur, subject to a final investment decision. Afton Chemical: MoUs related to development and supply of chemical fuel additives in pipelines and retail fuel offerings. ExxonMobil: MoU related to evaluating a significant upgrade to the SAMREF refinery and expanding the facility into a world-class integrated petrochemical complex. Upstream Sempra Infrastructure: MoU related to previously announced HOA regarding liquified natural gas (LNG) equity and offtake stake in Port Arthur LNG 2. Woodside Energy: Collaboration Agreement to explore global opportunities, including an equity interest and LNG offtake from the Louisiana LNG project. Additionally, both companies are exploring opportunities for a potential collaboration in lower-carbon ammonia. NextDecade: Final Agreement to purchase 1.2 million tonnes per annum of LNG for a 20-year term from Train 4 of the Rio Grande LNG Facility, subject to certain conditions, including a positive final investment decision of Train 4. Technology & Innovation Amazon/AWS: non-binding Strategic Framework agreement related to collaboration on digital transformation and lower-carbon initiatives. NVIDIA: MoU related to developing advanced Industrial AI computing infrastructure, establishing an AI Hub and AI Enterprise platforms, an Engineering and Robotics Center of Excellence, training and upskilling, and collaborating with NVIDIA's startup ecosystem. Qualcomm: MoU with Aramco Digital that aims to explore entry into a strategic collaboration that will focus on key digital transformation use cases, leveraging Aramco Digital's 450 MHz 5G industrial network to connect intelligent edge devices with on-device AI capabilities, including smartphones, rugged industrial devices, robots, drones, cameras, sensors, and other IoT devices. Technical Services Procured Materials and Services: MoUs were signed to reflect the existing relationships with strategic US suppliers: SLB, Baker Hughes, McDermott, Halliburton, Nabors, Helmerich & Payne, Valaris, NESR, Weatherford, Air Products, KBR, Flowserve, NOV, Emerson, GE Vernova, and Honeywell. These suppliers provide high-standard materials and professional services that help support Aramco's projects and operations. Strategy & Corporate Development Guardian Glass: MoU to localize specialty glass manufacturing for architectural applications in the Kingdom of Saudi Arabia. Finance Wisayah asset management agreements with PIMCO, State Street Corporation, and Wellington. Agreements for short-term cash investments through a unified investment fund, the 'Fund of One,' with BlackRock, Goldman Sachs, Morgan Stanley, and PIMCO. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Yahoo
12-04-2025
- Business
- Yahoo
Sinopec, Aramco sign agreement for Yanbu Refinery expansion in Saudi Arabia
China Petroleum & Chemical Corporation (Sinopec) and the Saudi Arabian Oil Company (Aramco) have signed a venture framework agreement to expand the Yanbu Refinery in Saudi Arabia. The expansion, which will include a large-scale, mixed-feed steam cracker and aromatics plant, is aimed at enhancing the refinery's integration and supporting Saudi Arabia's industrial diversification strategy. The project will leverage existing facilities to construct new units including a 1.8 million tonnes per annum (mtpa) ethylene plant and a 1.5mtpa aromatics plant with associated downstream polyolefin units. This development aims to foster an innovative, full-industry-chain ecosystem and meet growing global market demand. Aramco president and CEO Amin H. Nasser said: "The Yanbu expansion agreement deepens Aramco's strategic partnership with Sinopec. By prioritising product innovation and diversification, we aim to reinforce Saudi Arabia's leadership in the global energy and chemicals landscape while positioning Yanbu as a premier integrated refining and petrochemical hub." The Yanbu Refinery in Yanbu Industrial City processes 430,000 barrels per day of Saudi heavy crude oil. It produces high-quality refined products and value-added chemicals for global markets. The expansion is expected to significantly boost production capacity for high-end petrochemical products. Sinopec Group president Zhao Dong said: "The Yanbu Refinery stands as a testament to the strong friendship between China and Saudi Arabia, delivering robust economic benefits and advancing the petrochemical industry's modernisation. "This expansion will unlock greater synergies between Sinopec and Aramco, creating a world-leading integrated refining and petrochemical enterprise with global competitiveness. Together, we will contribute to a low-carbon energy transition." The expansion project combines technological innovation and industrial chain optimisation to upgrade traditional energy cooperation models and explore sustainable development pathways. The project will integrate new ethylene, aromatics and polyolefin units with existing infrastructure, elevating the complex's refining-petrochemical integration capabilities. It will also incorporate advanced technologies and green innovations to support Saudi Arabia's economic diversification and decarbonisation goals. Additionally, NextDecade recently executed a 20-year liquefied natural gas (LNG) sale and purchase agreement with a subsidiary of Aramco. The agreement involves the purchase of 1.2mtpa of LNG from Train 4 at the Rio Grande LNG facility in Texas, US, contingent on a positive final investment decision for Train 4. "Sinopec, Aramco sign agreement for Yanbu Refinery expansion in Saudi Arabia" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Korea Herald
10-04-2025
- Business
- Korea Herald
Sinopec and Aramco Sign Venture Framework Agreement to Expand Yanbu Refinery
Collaboration Aims to Build a World-Class Integrated Refining and Petrochemical Complex YANBU INDUSTRIAL CITY, Saudi Arabia, April 10, 2025 /PRNewswire/ -- On the 10th anniversary of the establishment of the Yanbu Refinery joint venture, China Petroleum & Chemical Corporation ("Sinopec," HKG:0386) and Saudi Arabian Oil Company ("Aramco") signed a venture framework agreement ("VFA") to advance the Yanbu Refinery Expansion Project. The project will leverage existing facilities to construct new units, including a large-scale mixed feed steam cracker of 1.8 million metric tons per year ethylene plant, a 1.5 million ton per year aromatics plant with associated downstream polyolefin units, enhancing integrated refining and petrochemical synergies and fostering an innovative, full-industry-chain ecosystem. Upon completion, the expansion will significantly boost production capacity for high-end petrochemical products, support Saudi Arabia's industrial diversification strategy, and meet growing global market demand. "The Yanbu Refinery stands as a testament to the strong friendship between China and Saudi Arabia, delivering robust economic benefits and advancing the petrochemical industry's modernization," commented Zhao Dong, Sinopec Group President. "This expansion will unlock greater synergies between Sinopec and Aramco, creating a world-leading integrated refining and petrochemical enterprise with global competitiveness. Together, we will contribute to a low-carbon energy transition." Aramco President & CEO Amin H. Nasser emphasized, "The Yanbu expansion agreement deepens Aramco's strategic partnership with Sinopec. By prioritizing product innovation and diversification, we aim to reinforce Saudi Arabia's leadership in the global energy and chemicals landscape while positioning Yanbu as a premier integrated refining and petrochemical hub." The Yanbu Refinery, a flagship collaboration under Saudi Arabia's Vision 2030 and China's Belt and Road Initiative, is located in Yanbu Industrial City, Saudi Arabia. The Yanbu Refinery spans 5.2 million square meters and processes 430,000 barrels per day of Saudi heavy crude oil, producing high-quality refined products and value-added chemicals for global markets. As a pivotal energy hub in the Middle East, the refinery has driven Saudi Arabia's industrial modernization and international engagement. The expansion project marks a new chapter in the partnership, combining technological innovation and industrial chain optimization to upgrade traditional energy cooperation models and explore sustainable development pathways. The expansion project will integrate new ethylene, aromatics, and polyolefin units with existing infrastructure, elevating the complex's refining-petrochemical integration capabilities and expanding production of high-performance materials. It will also incorporate advanced technologies and green innovations to support Saudi Arabia's economic diversification and decarbonization goals.
Zawya
10-04-2025
- Business
- Zawya
Sinopec and Aramco sign venture framework agreement to expand Yanbu Refinery
YANBU INDUSTRIAL CITY, Saudi Arabia /PRNewswire/ -- On the 10th anniversary of the establishment of the Yanbu Refinery joint venture, China Petroleum & Chemical Corporation ("Sinopec," HKG:0386) and Saudi Arabian Oil Company ("Aramco") signed a venture framework agreement ("VFA") to advance the Yanbu Refinery Expansion Project. The project will leverage existing facilities to construct new units, including a large-scale mixed feed steam cracker of 1.8 million metric tons per year ethylene plant, a 1.5 million ton per year aromatics plant with associated downstream polyolefin units, enhancing integrated refining and petrochemical synergies and fostering an innovative, full-industry-chain ecosystem. Upon completion, the expansion will significantly boost production capacity for high-end petrochemical products, support Saudi Arabia's industrial diversification strategy, and meet growing global market demand. "The Yanbu Refinery stands as a testament to the strong friendship between China and Saudi Arabia, delivering robust economic benefits and advancing the petrochemical industry's modernization," commented Zhao Dong, Sinopec Group President. "This expansion will unlock greater synergies between Sinopec and Aramco, creating a world-leading integrated refining and petrochemical enterprise with global competitiveness. Together, we will contribute to a low-carbon energy transition." Aramco President & CEO Amin H. Nasser emphasized, "The Yanbu expansion agreement deepens Aramco's strategic partnership with Sinopec. By prioritizing product innovation and diversification, we aim to reinforce Saudi Arabia's leadership in the global energy and chemicals landscape while positioning Yanbu as a premier integrated refining and petrochemical hub." The Yanbu Refinery, a flagship collaboration under Saudi Arabia's Vision 2030 and China's Belt and Road Initiative, is located in Yanbu Industrial City, Saudi Arabia. The Yanbu Refinery spans 5.2 million square meters and processes 430,000 barrels per day of Saudi heavy crude oil, producing high-quality refined products and value-added chemicals for global markets. As a pivotal energy hub in the Middle East, the refinery has driven Saudi Arabia's industrial modernization and international engagement. The expansion project marks a new chapter in the partnership, combining technological innovation and industrial chain optimization to upgrade traditional energy cooperation models and explore sustainable development pathways. The expansion project will integrate new ethylene, aromatics, and polyolefin units with existing infrastructure, elevating the complex's refining-petrochemical integration capabilities and expanding production of high-performance materials. It will also incorporate advanced technologies and green innovations to support Saudi Arabia's economic diversification and decarbonization goals.
Asharq Al-Awsat
09-04-2025
- Business
- Asharq Al-Awsat
Aramco, Sinopec and Yasref Sign Venture Framework Agreement for Petrochemical Expansion
Saudi Aramco, China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) announced the signing of a Venture Framework Agreement (VFA) to pave the way for a major petrochemical expansion at Yasref, in Yanbu, on the west coast of Saudi Arabia. According to a press release from Aramco, the agreement, coinciding with Yasref's 10th anniversary, seeks to advance engineering studies for the development of a fully integrated petrochemical complex at Yasref, a joint venture owned by Aramco (62.5%) and Sinopec (37.5%). The project aims to maximize operational synergies and create additional value by introducing a state-of-the-art petrochemical unit, a large-scale mixed feed steam cracker with a 1.8 million tons per year capacity, and a 1.5 million tons per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex. This is expected to enhance Yasref's ability to meet the growing demand for high-quality petrochemical products, SPA reported. President and CEO of Saudi Aramco Amin H. Nasser said, "The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec. The planned expansion project solidifies our commitment to product innovation and diversification. As we look forward to strengthening our collaboration with Sinopec in making Yasref a leading refining and petrochemicals joint venture, we aim to contribute to growing Saudi Arabia's position as a global leader in energy and chemicals." Aramco Downstream President Mohammed Y. Al Qahtani stated, "The planned Yasref expansion aligns with our downstream strategy to unlock the full potential of our resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030. In partnership with Sinopec, we aim to advance cutting-edge refining and petrochemical capabilities to deliver high-value products, create new opportunities, drive industrial innovation, and enable economic transformation. This highlights our strategic, long-term partnership with Sinopec." Sinopec President Zhao Dong emphasized, "Yasref, a flagship joint venture symbolizing China-Saudi energy cooperation, has not only served as a key driver for Saudi Arabia's local economic growth but also actively advanced petrochemical industry upgrades. We expect the Yasref expansion project to unlock new dimensions of collaborative potential as we navigate the energy transition. Sinopec and Aramco are poised to establish a world-class, integrated refining and petrochemical complex distinguished by comprehensive competitive advantages, aiming to redefine traditional energy cooperation models and expand new frontiers for more sustainable development." The release also noted that Yasref is one of several strategic partnerships between Aramco and Sinopec. These collaborations include Sinopec Senmei (Fujian) Petroleum Company (SSPC), Sinopec SABIC Tianjin Petrochemical Co. (SSTPC), Fujian Refining & Petrochemical Company (FREP), and a new integrated refining and petrochemical complex under development in Fujian Province, China. Through these ventures, the two groups aim to strengthen energy security, fuel industrial innovation, foster long-term cooperation, and contribute to the global economy.
