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US-based ExxonMobil, Saudi Aramco and their joint venture Samref have signed a Venture Framework Agreement (VFA) to evaluate a significant upgrade of the 400,000 barrels-per-day Samref refinery in Yanbu and its expansion into an integrated petrochemical complex, Aramco said on Monday.
Samref is equally owned by Aramco and Mobil Yanbu Refining Company, a wholly owned subsidiary of Exxon Mobil Corporation, and currently produces propane, automotive diesel, marine heavy fuel oil and sulphur.
Under the agreement, the partners will begin a preliminary front-end engineering and design (pre-FEED) phase of the upgrade and expansion project.
The Aramco statement said the companies will explore potential capital investments to upgrade and diversify production into higher-value, lower-emissions fuels and performance chemicals, while improving the refinery’s energy efficiency and reducing operational emissions through an integrated emissions-reduction strategy.
Any development plans remain subject to market conditions, regulatory approvals and final investment decisions (FIDs) by Aramco and ExxonMobil, it added.
In October 2025, Amin H. Nasser, President & CEO of Aramco had told the 2025 Energy Intelligence Forum in London, that despite the current industry downturn, chemicals remain a key long-term growth area for the company, with its "proven strengths in both feedstocks and conversion."
(Writing by Majda Muhsen; Editing by Anoop Menon)
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