Sinopec, Aramco sign agreement for Yasref petrochemical expansion

China Petroleum and Chemical Corp (Sinopec) and Saudi Aramco have signed a Venture Framework Agreement to enhance their Yasref joint venture in Saudi Arabia with a new fully integrated petrochemical complex. This expansion will include a 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, aimed at meeting the growing global demand for high-quality petrochemical products. The initiative, announced during Yasref's 10th anniversary, reflects a deepening partnership between the two companies and aligns with Saudi Arabia's Vision 2030 strategy to diversify its economy away from oil dependency. Aramco's long-term goal is to convert up to 4 million barrels per day of crude oil into petrochemicals by 2030. The Yasref complex, which is crucial for refining and petrochemical integration, currently processes 400,000 barrels per day of crude oil. Industry experts highlight that the expansion will enhance operational synergies and strengthen Saudi Arabia's position as a leader in energy and chemicals.