Saudi Arabian Oil Co. (Aramco) and China Petroleum & Chemical Corp. (Sinopec) have signed a deal for the potential growth of their Yanbu refinery to incorporate petrochemical services.
The “enterprise framework settlement”, signed within the tenth anniversary of Yanbu Aramco Sinopec Refining Co. (Yasref), “seeks to advance engineering research for the event of a fully-integrated petrochemical complicated”, the Saudi oil large stated in a web-based assertion.
Yanbu Aramco Sinopec Refining, 62.5 p.c owned by Aramco and 37.5 p.c by Sinopec, manages the refinery within the Yanbu Industrial Metropolis on the west coast of Saudi Arabia. Spanning about 5.2 million sq. meters (55.97 million sq. toes), the refinery processes 400,000 barrels a day of Arabian heavy crude oil, in keeping with Yasref.
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The potential growth entails the development of a combined feed steam cracker with a capability of 1.8 million metric tons every year (MMtpa) and a 1.5-MMtpa aromatics complicated with related downstream derivatives.
“The deliberate Yasref growth aligns with our downstream technique to unlock the total potential of our assets, together with changing as much as 4 million barrels per day of crude oil into petrochemicals by 2030”, stated Aramco president for downstream Mohammed Y Al Qahtani.
“The deliberate growth venture solidifies our dedication to product innovation and diversification”, Aramco president and chief government Amin H. Nasser stated. “As we stay up for strengthening our collaboration with Sinopec in making Yasref a number one refining and petrochemicals three way partnership, we purpose to contribute to rising Saudi Arabia’s place as a worldwide chief in power and chemical compounds”.
Zhao Dong, president of China’s state-owned Sinopec, stated, “We anticipate the Yasref growth venture to unlock new dimensions of collaborative potential as we navigate the power transition”.
In addition to Yasref, Aramco and Sinopec are additionally companions in Fujian Refining & Petrochemical Co., Sinopec SABIC Tianjin Petrochemical Co., Sinopec Senmei (Fujian) Petroleum Co. and a brand new built-in refining and petrochemical complicated beneath building within the Chinese language province of Fujian.
Aramco, Sinopec and Fujian Petrochemical Co. Ltd. (FPCL) broke floor final November for the complicated. The complicated is deliberate to have a petroleum refinery with a capability of 16 MMtpa or 320,000 barrels a day, a 1.5-MMtpa ethylene unit, a plant to supply two million tons of paraxylene and derivatives, and a 300,000-metric ton petroleum terminal. The companions anticipate to achieve full operation by the tip of 2030.
FPCL, a 50:50 enterprise between Sinopec and Fujian Petrochemical Industrial Group Co. Ltd., owns a 50 p.c stake within the complicated. Aramco and Sinopec every maintain 25 p.c.
“We’ll provide in extra of 1 million barrels per day of our crude oil to those excessive chemical conversion belongings in China, reinforcing Aramco’s function as a dependable and long-term accomplice in China’s improvement”, Al Qahtani stated in an announcement November 18, 2024.
“This additionally advances our liquids-to-chemicals technique, by which we intend to direct extra of our crude in direction of serving to meet rising international petrochemicals demand”.
To contact the creator, electronic mail jov.onsat@rigzone.com
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