Aramco, Rongsheng Sign SASREF Expansion Agreement

Saudi Aramco has signed a Development Framework Agreement with Rongsheng Petrochemical and its affiliate Saudi Aramco Jubail Refinery Company (SASREF) to expand the SASREF refinery in Jubail, Saudi Arabia. This tripartite agreement aims to enhance refining and petrochemical capabilities, align project planning, and foster international collaboration, marking a significant step in Aramco's strategy to strengthen its downstream operations. Mohammed Y. Al Qahtani, Aramco’s Downstream President, highlighted the potential of this initiative to attract international investments, while Rongsheng's Chairman Li Shuirong noted its alignment with both China's Belt and Road Initiative and Saudi Arabia's Vision 2030. The expansion project, currently in the pre-feed stage, will involve constructing large-scale steam crackers and integrating downstream derivatives into the SASREF complex. This builds on a previous April agreement that set the foundation for a joint venture and investments in both Saudi and Chinese petrochemical sectors. The deal underscores the long-standing relationship between Aramco and China, with aspirations for broader collaboration in the global energy market.