Aramco, Sinopec and Yasref have signed a venture framework agreement for a major expansion at the Yasref petrochemicals complex in Yanbu, Saudi Arabia, the companies announced on Wednesday.
Under the agreement, the parties will advance engineering studies towards a new petrochemical unit, a 1.8-million-tpy mixed-feed steam cracker and a 1.5-million-tpy aromatics complex with associated downstream derivatives that will be integrated into the existing Yasref complex in Yanbu, on the west coast of Saudi Arabia.
“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 4 million bpd of crude oil into petrochemicals by 2030,” said Mohammed Y. Al Qahtani, Aramco’s president of downstream.
Yasref is a joint venture between Aramco (62.5%) and Sinopec (37.5%) and one of several partnership ventures between the companies, which also include Sinopec Senmei (Fujian) Petroleum Company, Sinopec SABIC Tianjin Petrochemical Co., Fujian Refining & Petrochemical Company and a new integrated refining and petrochemical complex being developed in Fujian Province, China.
Source: theenergyyear.com