US oil and gas supermajor ExxonMobil, Aramco, and Samref have signed a Venture Framework Agreement (VFA) to explore a major upgrade of the Samref refinery in Yanbu and expand it into an integrated petrochemical complex.
The proposed project involves evaluating capital investments to upgrade and diversify production, focusing on high-quality distillates that reduce emissions and high-performance chemicals. The partnership will also explore opportunities to improve the refinery’s operations and reduce emissions through an integrated emissions-reduction strategy.
Mohammed Y. Al Qahtani, Aramco Downstream President, said the project marks a step in the companies’ long-term strategic collaboration and reinforces their commitment to advancing downstream value creation and liquids-to-chemicals strategy.
Jack Williams, Exxon Mobil Corporation Senior Vice President, said the project aligns with their strategy to grow high-value products that meet evolving energy needs and contribute to a lower-emission future.
The companies will start a preliminary front-end engineering and design phase for the project, aiming to maximize operational advantages, enhance Samref’s competitiveness, and meet growing demand for high-quality petrochemical products in Saudi Arabia.
The project is subject to market conditions, regulatory approvals, and final investment decisions by Aramco and ExxonMobil.
Samref is a joint venture between Aramco and Mobil Yanbu Refining Company Inc., a subsidiary of Exxon Mobil Corporation, with a current capacity to process over 400,000 barrels of crude oil per day.
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