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China Petroleum & Chemical Corp. (Sinopec) and Saudi Arabian Oil Co. (Aramco) have reportedly entered into a new agreement to expand petrochemical operations at their jointly owned Yanbu Aramco Sinopec Refining Co. (Yasref) refinery in Saudi Arabia.

According to statements released by both companies on April 9-10, the partners signed a framework agreement to develop the Yasref+ project, which would integrate refining and petrochemical production at the 430,000-barrel-per-day facility. The expansion is said to include a 1.8-million-tonne-per-year ethylene steam cracker and a 1.5-million-tonne-per-year aromatics plant, along with downstream polyolefin units.

The project is expected to incorporate advanced and low-carbon technologies, aligning with both companies’ strategies to modernize petrochemical operations and support the energy transition. While engineering studies are reportedly underway, no final investment decision or completion timeline has been disclosed.

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This initiative follows a 2022 memorandum of understanding between Sinopec (37.5% stake) and Aramco (62.5% stake) to explore further refining and petrochemical integration opportunities. The expansion aims to strengthen Yasref’s position as a global hub for high-value petrochemical products.