ExxonMobil, Aramco and Samref have signed a Venture Framework Agreement (VFA) to evaluate a significant upgrade of the Samref refinery, in Yanbu, and an expansion of the facility into an integrated petrochemical complex.

The companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, as well as opportunities to improve the refinery’s and reduce emissions from operations through an integrated emissions-reduction strategy.

Mohammed Y. Al Qahtani, Aramco Downstream President, said: “This next phase of Samref marks a step in our long-term strategic collaboration with ExxonMobil. 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. It will also position Samref as a key driver in the growth of the Kingdom’s petrochemical sector.”

Jack Williams, Exxon Mobil Corporation Senior Vice President, said: “We value our partnership with Aramco and our long history in Saudi Arabia. We look forward to evaluating this project, which aligns with our strategy to focus on investments that allow us to grow high-value products that meet society’s evolving energy needs and contribute to a lower-emission future.”

The companies will commence a preliminary front-end engineering and design phase for the proposed project, which would aim to maximize operational advantages, enhance Samref’s competitiveness and help to meet growing demand for high-quality petrochemical products in the Kingdom. Plans are subject to market conditions, regulatory approvals and final investment decisions by Aramco and ExxonMobil.

Samref is an equally owned joint venture between Aramco and Mobil Yanbu Refining Company Inc., a wholly owned subsidiary of Exxon Mobil Corporation. The refinery currently has the capacity to process more than 400,000 barrels of crude oil per day, producing a diverse range of energy products including propane, automotive diesel oil, marine heavy fuel oil, and sulphur.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States.

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world.

About SAMREF

Saudi Aramco Mobil Refinery Company Ltd. (SAMREF) is a joint venture between Aramco and ExxonMobil, located in Yanbu Industrial City, Kingdom of Saudi Arabia. Established in 1984, SAMREF is one of the Kingdom’s leading refining companies, committed to operational excellence, environmental stewardship, and sustainable development. The company produces high-quality petroleum products for both domestic and international markets and continues to play a key role in supporting the Kingdom’s energy and sustainability objectives under Vision 2030.