YASREFYanbu Aramco Sinopec Refining Company (joint venture)
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In January 2016, President of China, Xi Jinping, and King of Saudi Arabia, Salman bin Abdulaziz Al Saud, witnessed the inauguration of Yasref. The successful operation of Yasref supports the transformation and upgrading of Saudi Arabia's economy, and has established the project as the flagship program on Sino-Saudi collaborations in the energy sector.
Among its recent projects are PetroRabigh Polymers Plants Outsource Maintenance since 2008; Satorp General Maintenance Services, since 2012; Yasref Petcoke & Sulphur operation and maintenance since 2013; Orpic Petcoke Operation and Maintenance since 2016; PetroRabigh 2PL Logistics Services since 2017; Sadara General Maintenance Services since 2019 and ATTM Company General Maintenance Services since 2019.
Prince Faisal signed the agreement with Yasref chief executive officer, Mohammed Al-Naghash, and chairman, Mohammed Al-Daoud.
Prince Faisal extended his appreciation to YASREF for its work to support sustainable development, including the Madak project.
Yasref is a full conversion refinery that covers about 5.2m sqm in the Yanbu Industrial City.
The SATORP and YASREF joint venture projects, for example, not only add to the development of a knowledge-based economy in the Kingdom by providing technical job opportunities for thousands of Saudi technicians, engineers, and operators, they also incubate Saudi-owned small and medium-sized manufacturers and service providers (Saudi Aramco, Citizenship Report, 2014).
- The Cabinet considered the inauguration of the Custodian of the Two Holy Mosques for the project of Sinopec for Refining "YASREF'' and opening King Abdullah Petroleum Studies and Research Center in Riyadh as an extension of the support and attention being provided by the leadership to all matters in the interest of the Kingdom, its various institutions and citizens.
Cook are bringing together Shell, Tullow Oil, Surgutneftegas, Abraj Energy, Phillips 66, McLaren, Engen, Saudi Aramco, Lukoil, Subsea7, Hollyfrontier, YASREF, QatarGas, and more to discuss the latest market trends, common challenges, and best practices at the International SAP Conference for Oil and Gas (April 14-16, 2015, Berlin, Germany).
We do however expect to see a small decline in crude exports with the start of the Yasref refinery.
Participants include Saudi Aramco, Kuwait Petroleum Corporation, Flow Serve, YASREF, SADARA, ADNOC, Zamil, Al Abdul Karim Holding, AHSTCO, Alba, MCSC, Petroleum Development Oman, Bapco, Gulf Petrochemical Industries Company and Banagas.
The new capacity includes the Satorp refinery, which is already up and running, and the Yasref refinery, which will start up in coming days, says a research note by Jadwa Investment, a Riyadh-based investment firm.
Its 400,000 b/d Yasref refinery at Yanbu', a JV with China's state-owned Sinopec, is to begin operations in 2014 at the cost of up to $10bn.