Exxon Mobil (XOM), Saudi Arabia’s Aramco (ARMCO) and Samref signed an agreement to evaluate a significant upgrade of the Samref refinery in Yanbu, and an expansion of the facility into an integrated petrochemical complex, Reuters reported Monday.
The companies plan to explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, Aramco said in a statement.
Samref is a 50-50 joint venture between Aramco (ARMCO) and Mobil Yanbu Refining Company, which is a wholly owned unit of Exxon (XOM).