Saudi Aramco and Sinopec focus on large new petrochemical projects in Saudi Arabia

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Saudi Aramco, Sinopec Group and Yanbu Aramco Sinopec Refining Company (Yasref) announced plans for a large-scale petrochemical expansion at their joint venture plant in Yanbu, Saudi Arabia.

Saudi Aramco, Sinopec Group and Yanbu Aramco Sinopec Refining Company (Yasref) announced plans for a large-scale petrochemical expansion at their joint venture plant in Yanbu, Saudi Arabia.

The two companies said in a joint statement on April 9 that the expansion project mainly includes the construction of a mixed feed steam cracker with an annual output of 1.8 million tons and a downstream aromatics complex with an annual output of 1.5 million tons. At present, the investment amount of the project and the date of the final investment decision have not yet been announced.

Engineering studies for an integrated petrochemical complex located at the Yasrev refinery in Yanbuya are ongoing, the companies said in a statement. Cracking units, aromatics units and related derivative products units will be integrated into the existing refinery complex. Yasrev is a joint venture in which Saudi Aramco holds a 62.5 percent stake and Sinopec holds the remaining 37.5 percent.

Saudi Aramco, Sinopec and Yasrev have signed a joint venture framework agreement that the three parties say will pave the way for the expansion of the Yanbu petrochemical plant on the west coast of Saudi Arabia. Saudi Aramco and Sinopec have signed a memorandum of understanding in 2022 to carry out potential petrochemical projects at the Yasrev plant.

They said the project "aims to maximize operational synergies and create additional value... which is expected to enhance Yasref's ability to meet the growing demand for high-quality petrochemicals".

Aramco President and CEO Amin Nasser said the agreement "further deepens and enhances our strategic partnership with Sinopec".

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