Saudi oil giant Aramco has announced that it has, along with its key affiliate - Saudi Aramco Jubail Refinery Company (Sasref) - signed a development framework agreement with Chinese group Rongsheng Petrochemical at a special event in Beijing that paves the way for expansion of a vital Sasref faclity in Jubail.
The tripartite agreement outlines the co-operation 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, said a statement from Aramco.
The Sasref expansion project is located in Jubail Industrial City along the Arabian Gulf coast in Saudi Arabia’s Eastern Province. The city has well-developed infrastructure and strategic geographical advantages.
The project, which is currently in the Pre-FEED stage, envisages construction of large-scale steam crackers and the integration of associated downstream derivatives into the existing Sasref complex, enhancing its ability to meet growing demand for high-quality petrochemical products.
Mohammed Y. Al Qahtani, Aramco Downstream President, said: "By aligning our efforts, Aramco and Rongsheng Petrochemical aim to deliver additional value to our stakeholders. This 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 stated.
Rongsheng Petrochemical Chairman Li Shuirong said the signing of the agreement sets the stage for the Chinese group's in-depth participation in the Sasref expansion project.
"Saudi Arabia has abundant energy resources and significant market potential, and Rongsheng Petrochemical will bring strong momentum to the partnership through our excellent operation and management capabilities and market competitiveness," he added.-TradeArabia News Service
