British ExxonMobil Corp., Saudi Aramco and Samref have signed a framework agreement to modernize the Samref refinery in Saudi Arabia and expand the company to an integrated petrochemical complex. This is reported in a press release from Aramco.
The agreement provides for an assessment of capital investments for the modernization and diversification of production in Yanbu, Saudi Arabia, including the production of high-quality distillates and high-performance chemicals to improve the efficiency of refining crude oil and liquid petroleum products into high-quality chemicals, reduce emissions and strengthen partnerships in the development of the petrochemical sector in Saudi Arabia.
The project participants intend to begin the preliminary design phase aimed at optimizing operational advantages, increasing Samref's competitiveness and meeting the growing demand for petrochemical products in Saudi Arabia. The project is subject to regulatory approval, subject to 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 Corp., in equal ownership. Samref is capable of processing more than 400,000 barrels of crude oil per day to produce a wide range of energy products, including propane, automotive diesel fuel, marine fuel oil and sulfur.
Saudi Aramco is the national oil company of Saudi Arabia, controlled by the government. The company is the largest oil producer in the world and controls the production of oil and natural gas in Saudi Arabia. The company owns modern oil and gas processing plants. Saudi Aramco's market capitalization is $1.68 trillion. The headquarters is located in Riyadh (Saudi Arabia).
Exxon Mobil Corp. — one of the largest multinational oil and gas companies in the world by market capitalization ($400 billion). The company is engaged in the exploration, production, refining and marketing of oil and natural gas, including the sale of lubricants under the Mobil brand and fuels under the Exxon, Mobil and Esso brands. The main oil reserves are in Asia and the USA, while natural gas reserves are in the USA, Australia, Asia and Europe. The headquarters is located in Irving, Texas.
