ExxonMobil, Aramco and Samref have signed a Venture Framework Agreement (VFA) to assess a considerable upgrade of the Samref refinery, in Yanbu, and an enlargement of the facility into an incorporated petrochemical complex.
The corporations will explore capital investments to upgrade and diversify manufacturing, such as tremendous distillates that result in decrease emissions and high-performance chemicals, as well as opportunities to improve the refinery’s energy efficiency and reduce emissions from operations by an incorporated emissions-reduction method.
Mohammed Y. Al Qahtani, Aramco Downstream President, stated: “This next segment of Samref marks a step in our long-term strategic collaboration with ExxonMobil. Designed to boom the conversion of crude oil and petroleum liquids into high-price chemicals, this venture supports our commitment to advancing Downstream price introduction and our liquids-to-chemicals approach. It will even position Samref as a main driver within the growth of the Kingdom’s petrochemical area.”
Jack Williams, Exxon Mobil Corporation Senior Vice President, stated: “We value our partnership with Aramco and our long history in Saudi Arabia. We are looking ahead to comparing this venture, which aligns with our strategy to target on investments that permit us to develop high-value products that meet society’s developing needs and make a contribution to a lower-emission future.”
The corporations will start a initial front-end engineering and design phase for the proposed venture, which could goal to maximize operational benefits, enhance Samref’s competitiveness and assist to satisfy growing demand for high-quality petrochemical products within the Kingdom. Plans are subject to market situations, regulatory approvals and final investment decisions by Aramco and ExxonMobil.
Samref is an equally owned joint venture among Aramco and Mobil Yanbu Refining corporation, a wholly owned subsidiary of Exxon Mobil Corporation. The refinery lately has the capacity to process more than 400,000 barrels of crude oil per day, generating a various range of energy products along with propane, automotive diesel oil, marine heavy fuel oil, and sulphur.
