Latest news with #Yasref
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.
Trade Arabia
09-04-2025
- Business
- Trade Arabia
Aramco, Sinopec and Yasref ink deal for petchem plant expansion
Aramco, one of the world's leading integrated energy and chemicals companies, today (April 9) announced the signing of a Venture Framework Agreement (VFA) with China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) that will pave the way for a major petrochemical expansion at Yasref, in Yanbu, on the west coast of Saudi Arabia. Coinciding with Yasref's 10th anniversary, the agreement 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 through introducing a state-of-the-art petrochemical unit, a large-scale mixed feed steam cracker with a 1.8 million tonne per year capacity, and a 1.5 million tonne per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex. This is expected to enhance Yasref's ability to meet growing demand for high-quality petrochemical products. On the new pact, Aramco President & CEO 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," he stated. Mohammed Y. Al Qahtani, Aramco Downstream President said: "Our strong relationship with Sinopec continues to build momentum. 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 and it is fitting that the announcement of this project coincides with Yasref's 10th anniversary," he added. Sinopec President Zhao Dong said: "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." "The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration," stated Dong. "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," he added. 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 Co. (SSTPC); Fujian Refining & Petrochemical Company (FREP); and a new integrated refining and petrochemical complex being developed in Fujian Province, China.
Al Arabiya
09-04-2025
- Business
- Al Arabiya
Saudi Aramco, China's Sinopec to expand Yasref petrochemicals complex
Saudi Aramco has signed a deal with China's Sinopec to expand a petrochemicals complex operated by their Yasref joint venture on the Kingdom's western coast, the Saudi state oil company said on Wednesday. Aramco and Sinopec have partnered in several ventures as Saudi Arabia looks to expand its refining business, which can help to offset drops in crude oil prices. For more Saudi news, visit our dedicated page. An escalating trade war between the United States and China following US President Donald Trump's imposition of sweeping tariffs has raised fears in markets of global recession. Aramco said the partners aimed to build a mixed feed steam cracker with a capacity of 1.8 million metric tons per annum and an aromatics complex with a capacity of 1.5 mtpa. 'The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration,' Sinopec President Zhao Dong said in an Aramco statement. The announcement coincides with the tenth anniversary of Yanbu Aramco Sinopec Refining Company, or Yasref, which is 62.5 percent owned by Aramco and 37.5 percent by Sinopec. It already processes 400,000 barrels per day of Arabian heavy crude oil to produce transportation fuels and other refined products, according to its website. Aramco has a long-term liquids-to-chemicals strategy to process up to 4 million barrels per day of its crude into petrochemicals by 2030. In its annual report published last month, it said 53 percent of its upstream crude oil production was used in its downstream operations in 2024, up from 47 percent the previous year. Other ventures with Sinopec include a refinery and petrochemical complex in southeast China's Fujian province that Sinopec in November said it had started constructing with Aramco. Aramco also holds a stake in the Fujian Refining & Petrochemical Company, which is half-owned by a Sinopec joint venture, and Aramco chemicals subsidiary SABIC has an operational joint venture with Sinopec.
Arab News
09-04-2025
- Business
- Arab News
Aramco and Sinopec plan major Yasref expansion to boost petrochemical output
RIYADH: A major petrochemical industry expansion is set for Saudi Arabia's west coast as Aramco, Sinopec, and Yasref advance plans to develop a fully integrated complex in Yanbu. The three companies have signed a venture framework agreement to advance engineering studies for the project, adding new high-capacity facilities to the Yasref, short for Yanbu Aramco Sinopec Refining Co., site. Announced during Yasref's 10th anniversary, the agreement will advance the construction of a mixed-feed steam cracker with an annual capacity of 1.8 million tons and a 1.5 million tonnes-per-year aromatics complex, complete with associated downstream derivatives. The project is part of Aramco's long-term downstream strategy to transition from primarily an oil producer to an integrated energy and chemicals company. 'The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec,' said Amin Nasser, Aramco's president and CEO. '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,' he added. Aramco has outlined plans to convert up to 4 million barrels per day of crude oil into petrochemicals by 2030, aligning with the Kingdom's Vision 2030 goal to diversify the economy away from oil dependence. Yasref, a joint venture between Aramco — which holds 62.5 percent equity — and Sinopec, with 37.5 percent, is central to this strategy and serves as a key hub for refining and petrochemical integration on the Red Sea coast. The new expansion is expected to optimize synergies across existing operations and enhance the joint venture's ability to meet rising global demand for high-value petrochemical products. 'Our strong relationship with Sinopec continues to build momentum,' said Mohammed Al-Qahtani, Aramco downstream president. '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,' he added. '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,' he said. Sinopec, one of China's largest state-owned energy firms, has increasingly invested in joint ventures abroad as part of Beijing's broader Belt and Road Initiative. The BRI is a global development strategy introduced by China in 2013, aiming to enhance international trade and stimulate economic growth across Asia, Africa, and Europe. Inspired by the ancient Silk Road trade routes, the BRI seeks to create a vast network of transportation, energy, and telecommunications infrastructure. '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,' said Zhao Dong, Sinopec's president. 'The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration,' he added. The move reinforces the Kingdom's growing petrochemical ambitions as global energy markets pivot toward downstream products amid uncertain demand growth for transportation fuels. Petrochemicals are projected to account for over a third of oil demand growth through 2030, according to the International Energy Agency, as usage in plastics, packaging, and industrial products continues to rise in emerging economies. Yasref is one of a number of strategic partnerships between Aramco and Sinopec, which also include Sinopec Senmei Petroleum Co., Sinopec SABIC Tianjin Petrochemical Co., and Fujian Refining & Petrochemical Co.
