Riyadh - Mubasher: ExxonMobil, Saudi Arabian Oil Company (Aramco), and Samref have signed a venture framework agreement (VFA) to evaluate a significant upgrade of the Samref refinery in Yanbu.

The three parties will join forces to expand the facility into an integrated petrochemical complex, according to a press release.

Under the partnership, the three entities will explore capital investments to upgrade and diversify production, including high-quality distillates that contribute to lowering emissions and boosting high-performance chemicals.

The companies also reviewed opportunities to enhance the refinery’s energy efficiency and cut emissions from operations through an integrated emissions-reduction strategy.

Mohammed Y. Al Qahtani, Aramco Downstream President, commented: “This next phase of Samref marks a step in our long-term strategic collaboration with ExxonMobil.”

He added: “Designed to increase the conversion of crude oil and petroleum liquids into high-value chemicals, this project reinforces our commitment to advancing Downstream value creation and our liquids-to-chemicals strategy. It will also position Samref as a key driver in the growth of the Kingdom’s petrochemical sector.” 

Jack Williams, Exxon Mobil Corporation Senior Vice President, said: “We look forward to evaluating this project, which aligns with our strategy to focus on investments that allow us to grow high-value products that meet society’s evolving energy needs and contribute to a lower-emission future.”

Meanwhile, the plans are subject to market conditions, regulatory approvals, and final investment decisions by Aramco and ExxonMobil.

It is worth highlighting that Samref is an equally owned joint venture (JV) between Aramco and Mobil Yanbu Refining Company Incorporation, a wholly owned subsidiary of Exxon Mobil Corporation.

The refinery currently has the capacity to process over 400,000 barrels of crude oil on a daily basis, producing a diverse range of energy products including propane, automotive diesel oil, marine heavy fuel oil, and sulphur.

In November, Executive Vice President of Technology and Innovation Ahmad Al Khowaiter rolled out plans to launch a new Aramco Ventures office in Paris.