China Petrochemical Corporation (Sinopec) and Saudi Aramco signed a framework agreement for a major petrochemical expansion of Yanbu Aramco Sinopec Refining Company (Yasref) Ltd. in Yanbu, Saudi Arabia, on April 8.
The project aims to maximize operational synergy and create additional value through the introduction of a large-scale mixed feed steam cracker with a capacity of 1.8 million metric tons per year, and a 1.5 million tons per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex.
Once operational, the project will significantly enhance the production of high-end petrochemical products, support Saudi Arabia’s industrial diversification, and help meet global market demand.
Yasref, a joint venture between Sinopec and Saudi Aramco, is a world-class facility and a flagship project under both the Belt and Road Initiative and Saudi Vision 2030. Covering around 5.2 million square meters in Yanbu Industrial City, it stands as a key enterprise in the region. The refinery processes 430,000 barrels of Saudi heavy crude oil per day into refined fuels and high value-added products for global markets.
Since its inception, Yasref has been instrumental in driving local economic growth and upgrading Saudi Arabia’s petrochemical sector. The expansion project represents a significant milestone in bilateral partnership, ushering in a new phase of deeper and further-reaching collaboration.
Sinopec and Saudi Aramco will deepen their partnership to establish a world-class integrated refining and chemical complex with strong competitive advantages, a platform that will ultimately pioneer the future of global energy transition.
(Executive editor: Wang Ruoting)
