Latest news with #YanbuRefinery
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.
