RIYADH: As Aramco, Sinopec, and Yasref go on with plans to build a fully integrated complex at Yanbu, a significant growth of the petrochemical industry is anticipated on the west coast of Saudi Arabia. To further engineering studies for the project and add new high-capacity facilities to the Yanbu Aramco Sinopec Refining Co. (Yasref) plant, the three firms have inked a venture framework agreement.
The agreement, which was announced on Yasref’s tenth anniversary, will move forward with the development of a 1.5 million-ton-per-year aromatics complex and a mixed-feed steam cracker with an annual capacity of 1.8 million tons, together with related downstream derivatives. The project is a component of Aramco’s long-term downstream goal to become an integrated energy and chemicals firm rather than just an oil producer.
Amin Nasser, the president and CEO of Aramco, stated, “The Yasref Venture Framework Agreement further strengthens and elevates our strategic partnership with Sinopec.” “We hope to help expand Saudi Arabia’s standing as a global leader in energy and chemicals as we look forward to deepening our partnership with Sinopec to establish Yasref as a premier refining and petrochemicals joint venture,” he continued.
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