Aramco, Rongsheng Petrochemical sign agreement to advance SASREF expansion

Saudi Aramco, Saudi Aramco Jubail Refinery Co. (SASREF), an Aramco affiliate, and an affiliate of Rongsheng Petrochemical Co. Ltd. (Rongsheng Petrochemical) signed a development framework agreement in Beijing, China, that paves the way for an expansion project at Saudi Aramco Jubail Refinery Company (SASREF) in Jubail.

 

In an emailed statement to Argaam, Aramco said the tripartite agreement outlines the cooperation mechanism and planning relating to the design and development of the project, which aims to expand SASREF’s refining and petrochemical capabilities while fostering international collaboration.

 

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Mohammed Al Qahtani, Aramco Downstream President, said: “By aligning our efforts, Aramco and Rongsheng Petrochemical aim to deliver additional value to our stakeholders.”

 

“The agreement underscores Aramco’s intentions to fostering closer collaboration with key partners and progressing its strategic downstream expansion, both in the Kingdom of Saudi Arabia and internationally. It also highlights the potential of the Kingdom’s downstream sector to attract overseas players,” he added.

 

In April, Aramco and Rongsheng signed a cooperation framework agreement on the planned formation of a joint venture in SASREF, as well as significant investments in the Saudi and Chinese petrochemical sectors, Argaam reported.

 

Preliminary documentation relating to the development framework agreement was signed in September.