Aramco and Rongsheng Petrochemical Forge Partnership for SASREF Expansion in Saudi Arabia.

Beijing: Aramco, a leading global energy and chemicals company, in conjunction with its affiliate Saudi Aramco Jubail Refinery Company (SASREF) and Rongsheng Petrochemical Co. Ltd., has signed a significant Development Framework Agreement in Beijing, China. This collaboration is set to advance the expansion project of SASREF located in Jubail, Saudi Arabia. According to Saudi Press Agency, the newly inked agreement establishes a cooperative framework for the planning and design of the expansion project. This initiative is focused on enhancing SASREF's refining and petrochemical capabilities and aims to strengthen international partnerships. Aramco Downstream President Mohammed Y. Al Qahtani emphasized the strategic importance of the agreement, stating that it represents Aramco's commitment to deepening collaboration with key partners and advancing its downstream expansion strategy both domestically and internationally. He highlighted the agreement's potential to attract global partners to Saudi Arabia's do wnstream sector. Rongsheng Petrochemical Chairman Li Shuirong expressed the company's commitment to the SASREF expansion, noting that Saudi Arabia's abundant energy resources and market potential present a strategic opportunity. He underscored the project's alignment with China's Belt and Road Initiative and Saudi Arabia's Vision 2030, emphasizing its significance for both companies' future development. This agreement follows a previous announcement in April, where Aramco and Rongsheng Petrochemical outlined plans for forming a joint venture in SASREF, including substantial investments in the petrochemical sectors of both Saudi Arabia and China. Preliminary documentation for the current Development Framework Agreement was completed in September. The Saudi Press Agency further revealed that the SASREF expansion project is strategically located in Jubail Industrial City, along Saudi Arabia's Arabian Gulf coast. The project is currently in the PREFEED stage and plans to integrate large-scale steam crackers an d downstream derivatives into the existing complex to meet the rising demand for high-quality petrochemical products.