12/11/2025
ExxonMobil, Aramco and Samref have signed a Venture Framework Agreement for the purpose of carrying out refinery upgrades and a potential new petrochemical complex on the site of the 400,000 bpd Samref refinery in Yanbu. Samref is an equally owned joint venture between Aramco and the Mobil Yanbu Refining Company, which is a wholly owned unit under Exxon.
Regarding this agreement, Aramco Downstream President Mohammed Y. Al Qahtani remarked “Designed to increase the conversion of crude oil and petroleum liquids into high-value chemicals, this project reinforces our commitment to advancing Downstream value creation and our liquids-to-chemicals strategy.” Aramco and its partners are intending to diversify production and upgrade existing facilities to include higher quality distillates with lower emissions and high-performance chemical production at the existing Samref Refinery and the new petrochemical expansion.
A preliminary front-end engineering and design phase will be next for this project as it takes shape regarding capacity and timeline, and any plans will be subject to market conditions, regulatory approvals and FIDs made. What do you think about ExxonMobil and Aramco’s diversification plans? Let us know in the comments.