Sinopec, China Petroleum and Chemical Corporation, Aramco, The Saudi Arabian Oil Company, and SABIC, signed an MoU to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.
Aramco and Sinopec signed the agreement for a greenfield project which plans to include a 320,000 barrels-per-day refinery and a 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.
“These projects represent an opportunity to contribute to a modern, efficient, and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy,” Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said.
This comes in line with Aramco’s role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.
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