HONG KONG (dpa-AFX) - China Petroleum & Chemical Corp. or Sinopec (SNPMF) said that the company and Saudi Arabian Oil Company or 'Aramco' signed a venture framework agreement to advance the Yanbu Refinery Expansion Project.
The company noted that the project will leverage existing facilities to construct new units, including a large-scale mixed feed steam cracker of 1.8 million metric tons per year ethylene plant, a 1.5 million ton per year aromatics plant with associated downstream polyolefin units, enhancing integrated refining and petrochemical synergies and fostering an innovative, full-industry-chain ecosystem.
The Yanbu Refinery, a flagship collaboration under Saudi Arabia's Vision 2030 and China's Belt and Road Initiative, is located in Yanbu Industrial City, Saudi Arabia.
The Yanbu Refinery spans 5.2 million square meters and processes 430,000 barrels per day of Saudi heavy crude oil, producing refined products and value-added chemicals for global markets.
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