Sinopec expands partnership with Saudi Aramco

In a strategic move to boost capacity to meet the escalating global demand for high-quality petrochemicals, China Petroleum and Chemical Corp (Sinopec) and Saudi Aramco have signed a Venture Framework Agreement to develop a fully integrated petrochemical complex at their joint venture in Saudi Arabia, Sinopec said on Wednesday.

The agreement seeks to advance engineering studies for the development of a fully-integrated petrochemical complex at Yasref, a joint venture owned by Aramco (62.5 percent) and Sinopec (37.5 percent), enhancing its ability to meet the growing demand for high-quality petrochemical products.

The project aims to maximize operational synergies and create additional value through introducing a petrochemical unit, a large-scale mixed feed steam cracker with 1.8 million metric tons per year capacity, and 1.5 million tons per year aromatics complex with associated downstream derivatives integrated into the existing Yasref complex, it said.