Saudi Aramco, China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) have signed a venture framework agreement (VFA) for a new petrochemical expansion at Yasref in Yanbu, on the west coast of Saudi Arabia.
The agreement seeks to advance engineering studies to develop a fully-integrated petrochemical complex at Yasref, a joint venture owned by Aramco (62.5%) and Sinopec (37.5%).
The project will have a petrochemical unit, a large-scale mixed feed steam cracker with a capacity of 1.8 million tonnes per year, and a 1.5 million tonnes per year aromatics complex integrated into the Yasref complex.
The move is expected to enhance Yasref’s ability to meet the growing demand for high-quality petrochemical products.
Other ventures between Aramco and Sinopec include Sinopec Senmei (Fujian) Petroleum Company, Sinopec SABIC Tianjin Petrochemical Company, Fujian Refining & Petrochemical Company and a new integrated refining and petrochemical complex being developed in Fujian Province, China.