Latest news with #VFA
The Star
10 hours ago
- Business
- The Star
South Korea: From arms seller to Philippines to deeper defence partner possible
MANILA: South Korea could take a step further in its growing defence ties with the Philippines and consider taking part in joint maritime patrols in the South China Sea and negotiating a possible visiting forces agreement, according to a Korean expert, adding his voice to growing calls for deeper security cooperation between the two countries. Both countries are facing hostile neighbours. Chinese vessels have rammed and used water cannons on Philippine ships and flashed military-grade lasers at Philipppine troops on several occasions, while South Korea grapples with nuclear threats from North Korea, a key ally of China. 'If China's coercive actions in the South China Sea escalate and begin to threaten the stability of South Korea's maritime trade routes, and the United States calls on South Korea to participate in joint patrols to help maintain regional stability, then South Korea would likely have no choice but to join neighbouring countries in such joint patrol operations,' Keun Sik Moon, professor at Hanyang University and former Korean navy officer, said. The Philippines has been conducting regular joint patrols in the West Philippine Sea, Manila's exclusive economic zone in the South China Sea, with its closest security partners US, Japan and Australia, and also with other friendly states. Manila and Seoul have upgraded their ties to a strategic partnership last year, including broader defence and security cooperation. South Korea is among the Philippines' top arms suppliers. Moon said he was in favour of a status of visiting forces agreement between Manila and Seoul, which allows increased defence cooperation and allows both countries to hold exercises in each other's territories. 'Korea-Philippines VFA could support joint amphibious training, maritime interdiction and anti-terror drills. It also secures local MRO (maintenance, repair and overhaul) hubs for South-East Asian exports and enhances Korea's force mobility,' he said. This agreement, Moon said, 'aligns with Korea's global security strategy and enhances joint defence readiness against South China Sea threats, elevating Korea from an arms seller to a strategic security partner.' The Philippines already has similar agreements with the United States, Australia, Japan and New Zealand. Defence Secretary Gilberto Teodoro Jr said last month that they will 'start scoping and see what happens' after the elections in South Korea if VFA discussions can start. He was in favour of a possible VFA deal due to existing military cooperation with Seoul. 'We already have interoperability with them, especially in naval operations, and our FA-50 aircraft came from them,' he said. The Philippines last week signed a deal for an additional 12 FA-50 light fighters from Korea Aerospace Industries for P40 billion. - Philippine Daily Inquirer/ANN
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.
Arabian Business
10-04-2025
- Business
- Arabian Business
Aramco and Sinopec sign agreement for major expansion at Yasref
Saudi Aramco and China Petroleum & Chemical Corporation (Sinopec) are planning a major expansion to the Yanbu Aramco Sinopec Refining Company (Yasref) on the west coast of Saudi Arabia. On Yasref's 10th anniversary, the two partners (Aramco 62.5 per cent stake and Simopec 37.5 per cent) will build 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. Aramco, Sinopec deepen ties The Venture Framework Agreement (VFA) seeks to advance engineering studies for the development of a fully integrated petrochemical complex, which aims to maximise operational synergies and create additional value that is expected to enhance Yasref's ability to meet the growing demand for high-quality petrochemical products. Amin Nasser, Aramco President & CEO, commented: '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.' The planned expansion aligns with Aramco's downstream strategy to unlock the full potential of Saudi resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030. Zhao Dong, Sinopec President, added: 'Yasref, a flagship joint venture symbolising 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. 'The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration. We expect the Yasref expansion project to unlock new dimensions of collaborative potential as we navigate the energy transition.' Yasref is one of a number of strategic partnerships between Aramco and Sinopec, which also include Sinopec Senmei (Fujian) Petroleum Company (SSPC); Sinopec SABIC Tianjin Petrochemical Company (SSTPC); Fujian Refining & Petrochemical Company (FREP); and a new integrated refining and petrochemical complex being developed in Fujian Province in China.
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.
