RIYADH: Energy giants Saudi Aramco, ExxonMobil, and Samref have signed a venture framework agreement to upgrade the Yanbu refinery and expand it into an integrated petrochemical complex.
As a part of the deal, the companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, according to a joint press statement.
The agreement will also see the parties explore opportunities to improve the refinery’s energy efficiency and reduce environmental impacts from operations through an integrated emissions-reduction strategy.
Samref is an equally owned joint venture between Aramco and Mobil Yanbu Refining Co. Inc., a wholly owned subsidiary of Exxon Mobil Corp.
The refinery currently has the capacity to process more than 400,000 barrels of crude oil per day, producing a diverse range of energy products, including propane, automotive diesel oil, marine heavy fuel oil, and sulfur.
