Aramco and ExxonMobil ink refinery upgrade framework
Saudi Arabian Oil Co., a Dhahran-based fuel company, says it has signed a venture framework agreement with Spring, Texas-based peer ExxonMobil Corp. to upgrade the Samref refinery.
Plans to expand Samref into a lower-emission "integrated petrochemical complex", starting with a front-end engineering and design phase.ù
The company noted the plan depends on both firms' final investment decisions, as well as market conditions and approval procedures.
Samref is located on the Red Sea's west coast, with crude oil production capacity of 400,000 barrels per day. It is a 50/50 joint venture between Aramco and ExxonMobil's Mobil Yanbu Refining Company Inc.
Aramco Downstream President Mohammed Al Qahtani says the upgrade supports the firm's "liquids-to-chemicals strategy" and "marks a step in our long-term strategic collaboration with ExxonMobil."
The Texan firm's Senior Vice President Jack Williams adds: " "We value our partnership with Aramco and our long history in Saudi Arabia."
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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