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Aramco, Sinopec mull Yasref complex expansion: Aramco, state-owned China Petroleum and Chemical Corporation (Sinopec), and the Yanbu Aramco Sinopec Refining Company (Yasref) inked a venture framework agreement (VFA) to expand petrochemical production at the Yasref refinery in Yanbu, according to statement. Under the agreement, the parties will advance engineering studies to build a fully-integrated petrochemical complex.
IN CONTEXT- Yasref — a joint venture formed in 2015 — is owned by Aramco, which holds a majority stake of 62.5%, while Sinopec holds a 37.5% share. The refining site currently processes some 400k barrels per day of Arabian heavy crude oil, producing transportation fuels and other refined products, according to its website.
The details: The project looks to develop a “state-of-the-art” petrochemical unit, and a large-scale mix feed stream cracker with a 1.8 mn tons per annum capacity, as well as a 1.5 mn tons per annum aromatics complex with linked downstream derivatives built into the existing Yasref complex.
Like clockwork: Aramco inked an MoU back in 2022 with Sinopec to collaborate on developing the petrochemical industry in the Kingdom, including refining, engineering, procurement, and complex construction, according to a separate statement.
There’s plenty in the pipeline: Aramco and Sinopec kicked off construction work at a refinery and petrochemical complex in southeast China’s Fujian province back in November, with operations expected to begin in 2030. Aramco and Sinopec will each hold a 25% stake in the venture, while Fujian Petrochemical — a JV between Sinopec and the Fujian government — will hold the remaining 50%.
ALSO- ARAMCO UNCOVERS OIL, GAS FIELDS
Aramco strikes oil (and gas): Energy Minister Prince Abdulaziz bin Salman announced that Aramco discovered 14 new oil and natural gas fields in the Eastern Province and the Empty Quarter, according to a statement from the Energy Ministry.
How much are we talking about? Six oil fields and two reservoirs hold an estimated 8k bbl/d of oil of various qualities, in addition to 2.11 mn cubic feet/day of natural gas. Meanwhile, two gas fields and four reservoirs may produce up to 80.5 mn cubic feet/day.
The largest of the oil fields is in Aifan, with an estimated production of 2.8k bbl/d, followed by a field in Nuwair that may produce 1.8k bbl/d. Gas fields include a 32 mn cubic feet/day at Ghazlan, as well as a 24 mn cubic feet/day at Aram.
