Petrochemical Project Petrochemical Project Starts Commercial Operation
In January the Yanbu Aramco Sinopec Refining Company shipped its first 300,000 barrels of oil. The joint-venture is the largest Chinese investment in Saudi-Arabia to date with a total investment of nearly $10 billion.
Yanbu/Kingdom of Saudi Arabia — Yanbu Aramco Sinopec Refining Company (Yasref), a joint-venture between Sinopec and Saudi Arabian Oil Company, shipped 300,000 barrels of diesel, marking it officially started commercial operation. Its public utility and units of atmospheric and vacuum distillation, delayed coking, etc. have been operational and the remaining units are in commissioning.
Yasref is Sinopec’s first overseas refining and petrochemical project as well as China’s largest investment in Saudi Arabia. It is a joint venture by Sinopec and Saudi Arabian Oil Company (Saudi Aramco) with a total investment of nearly $10 billion. The joint venture agreement was signed by the two sides in early 2012, and Sinopec and Saudi Aramco hold respectively 37.5% and 62.5% of the equity.
In the presence of Mr. Khalid G. Al-Buainain the Chairman of the Board, Mr. Ahmed Al-Subaey the Executive Director of Marketing Supply & Joint Venture Coordination and Mr. Mohammad S. Alshammari the President and CEO of Yasref celebrated the export of the first shipment. The cargo contained 300,000 barrels of clean diesel which was dispatched from Yanbu Berth 72.
The Yasref Refinery is a 400,000 barrel per day integrated petroleum refinery in the Yanbu Industrial City located on the west coast of Saudi Arabia along the Red Sea. As a full conversion facility, the refinery processes 100 percent Arabian Heavy Crude, maximizing the resource and producing gasoline, high quality diesel, and liquefied petroleum gases (LPG) as well as byproduct sulfur and petroleum coke for export. The refinery will include process units for the separation and conversion of the feed crude into finished products, utility and offsite systems to support the refinery operation, and associated feed, intermediate and product storage facilities.