The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the King of Saudi Arabia and His Excellency Xi Jinping, the President of the People’s Republic of China today jointly inaugurated the Yanbu Aramco Sinopec Refining Company (YASREF) refinery.
The inauguration ceremony took place in Riyadh in conjunction with President Xi Jinping’s official visit to the Kingdom of Saudi Arabia. It was attended by HRH Mohammad bin Salman bin Abdulaziz Al Saud, Saudi Deputy Crown Prince and Defense Minister; HE Ali bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources, Kingdom of Saudi Arabia; HE Khalid A. Al-Falih, Minister of Health and Chairman of the Board of Saudi Aramco.
Established on January 14, 2012, YASREF is a joint venture between Saudi Aramco, which holds a 62.5% share, and China Petroleum & Chemical Corporation (“Sinopec”), which holds a 37.5% share. YASREF represents both companies’ focus on driving downstream growth across the entire hydrocarbon chain.
In conjunction with the inauguration, the YASREF joint venture partners, Saudi Aramco and Sinopec, signed a “Framework Agreement for Strategic Cooperation” to enhance the competitiveness of the crude oil supplied by Saudi Aramco to Sinopec and to actively explore cooperation opportunities in key areas including oil and gas services, refining, chemicals, crude oil supply, sales, petroleum services, petrochemical services, technology development and promotion, and new energy.
HE Khalid A. Al-Falih, Chairman of Saudi Aramco said: “The mutually beneficial relationship between China and Saudi Arabia has rapidly strengthened in the last two decades. China is the Kingdom’s largest trading partner and Saudi Aramco is proud to be China’s number one supplier of energy. YASREF, which is a partnership between Sinopec and Saudi Aramco, is part of Saudi Aramco’s strategy to expand and diversify its national and international investment portfolio.”
HE Al-Falih continued: “Three strategic factors will help to further strengthen the relationship and transform it from transactional supply to a deeper, long-term partnership. First, is the doubling of Saudi Arabia’s energy supply to China, coupled with continued downstream investment to support economic growth, both in China and the Kingdom. The second, is implementing His Excellency Xi Jinping’s ‘One Belt-One Road’ initiative that will enable both the Kingdom to become a stronger partner to China, and also increase China’s investment in the Kingdom’s economic and industrial cities so that the Kingdom is a hub for China to access its Middle East and Africa markets. Thirdly, is the need to continually improve the mutual cooperation between the Kingdom and China in the areas of research, innovation, knowledge transfer, and culture.”
HE Al-Falih concluded: “The MOUs signed today between the Kingdom and China are evidence of the focused leadership of both countries to take the relationship to the next level.”
Amin H. Nasser, President and CEO, Saudi Aramco said: “YASREF is a win-win partnership with Sinopec and a key element of Saudi Aramco’s strategy of driving value across the hydrocarbons value-chain to maintain our position as the world’s most reliable energy supplier. YASREF converts Arabian heavy crude oil into high-value products for international markets. The facility, which embeds world-class technical standards, increases Saudi Aramco’s refining capacity and is an important step in our strategy to become the world’s leading integrated energy enterprise. Today’s inauguration and cooperation agreement signing reflect shared confidence in our long-term partnership with Sinopec and in the potential opportunities we can create together through deeper, long-term collaboration.”
Dr. Wang Yupu, Chairman of Sinopec said: “YASREF will play a significant role in promoting the economic and trade cooperation between China and Saudi Arabia and in enhancing the long-standing friendship between the two countries. Sinopec possesses world-class refining and chemical technologies, strong engineering and construction capabilities, and developed a set of technologies on aromatics production that is both advanced and cost effective. We are delighted to further expand and deepen our cooperation with Saudi Arabia in oil and gas exploration and development, refinery and chemical technologies and engineering services and equipment production, to promote the mutual development of both economies and contribute to the well-being of our citizens.”
Mohammad S. Alshammari, YASREF President & CEO said: “The official inauguration of YASREF marks a proud accomplishment for YASREF, Saudi Aramco and Sinopec. YASREF is a global refinery leader that is helping global customers to meet their energy demands.”
China is Saudi Arabia’s largest trading partner and the countries’ close cooperation in the energy sector, notably through Sinopec and Saudi Aramco, has greatly benefitted both economies. Sinopec is now Saudi Aramco’s largest crude oil trading partner and onshore drilling service provider. The newly signed agreement will enable the two companies to further enhance their relationship and jointly provide advanced, high quality products and services along the hydrocarbon industry chain.
Located in Yanbu’ Industrial City on the west coast of Saudi Arabia, the world-class YASREF refinery has the capacity to refine 400,000 barrels per day (bpd) of Arabian heavy crude and produces over 13.5 million gallons per day of ultra-clean transportation fuels and other high-value refined products. YASREF has state-of-the-art refining facilities such as a distillate hydrocracker and hydrotreaters. It has capacity to deliver close to 100,000 barrels per day of clean, high-octane gasoline through a gasoline complex with an advanced continuous catalytic reformer.
On January 15, 2015, YASREF completed its first shipment, sending 300,000 barrels of clean diesel fuel from the YASREF Marine Terminal. Going forward, YASREF will further enhance its refinery and chemical capabilities by leveraging the cooperation between Sinopec and Saudi Aramco. In December 2015, YASREF won ‘Construction Project of the Year’ at the highly prestigious Platts Global Energy Awards in New York City.
Amin H. Nasser, Saudi Aramco President & CEO and Emilio Lozoya, Chief Executive Officer of Pemex at the MOU signing ceremony at Saudi Aramco headquarters in Dhahran.
Amin H. Nasser, Saudi Aramco President & CEO
“The signing of an MOU with Pemex encourages a mutually-beneficial relationship for the best interest of our companies. Both Saudi Aramco and Pemex will benefit from the exchange of skills, best practices, and experiences through mutual collaboration. This MOU will help us identify opportunities to cooperate, and allow us to share best practices in our core business operations and areas like support services.”
Saudi Arabian Oil Company (Saudi Aramco) and Petroleos Mexicanos (Pemex) today signed a Memorandum of Understanding (MOU) establishing a collaborative framework between both companies.
Amin H. Nasser, Saudi Aramco President & CEO and Emilio Lozoya, Chief Executive Officer of Pemex signed the MOU at a ceremony at Saudi Aramco headquarters in Dhahran.
Under the terms of the MOU, both companies engage in several areas of collaboration and knowledge sharing, including the exchange of information on best practices in upstream and downstream operations and related support services. The MOU also establishes a collaborative basis for the exchange of information on best practices in the areas of operational excellence, sustainability and energy efficiency, innovation and technology development.
Saudi Aramco President & CEO said “the signing of an MOU with Pemex encourages a mutually-beneficial relationship for the best interest of our companies. Both Saudi Aramco and Pemex will benefit from the exchange of skills, best practices, and experiences through mutual collaboration. This MOU will help us identify opportunities to cooperate, and allow us to share best practices in our core business operations and areas like support services.”
Emilio Lozoya, Chief Executive Officer of Pemex said “this MOU reinforces and enhances a long time close relationship between our companies. We both face the same challenges regarding achieving an efficient, safe and low cost production that should be sustainable at the same time. I am certain that with this renewed collaboration and exchange of best practice both companies win.”
During his visit to Saudi Aramco headquarters, Mr. Lozoya visited company facilities, including the geo-steering center, the Upstream Professional Development Center and toured Manifa offshore field.
Some of the topics in this edition:
- Saudi Aramco has launched the Kingdom’s first carbon capture and sequestration project and carbon dioxide enhanced oil recovery (CO2 EOR) project. Carbon sequestration is a win-win technological solution, enabling the company to reduce CO2 emissions in the atmosphere.
- A hydraulic turbine electric generator, or turbocharger, first of its kind in the world, extracts hydraulic energy that is traditionally wasted at the plant and turns it into electrical power.
- Learn more about Saudi Aramco’s FUELCOM program, a research undertaking addressing fundamental aspects of hydrocarbon fuel combustion in engines to formulate oil derived fuels that are suitable for the next generation of high efficiency and low emission combustion engines.
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HRH Prince Khalid Al-Faisal presents the Makkah Award for Architectural Excellence for 2015 to Amin Nasser. Saudi Aramco was recognized for our ability to complete the Jiddah Sports City complex in a short period of time with the highest standards of quality and cost control.
Recognizing our efforts in completing the King Abdullah Sports City in Jiddah in a short period of time and with the highest standards of quality and cost control, HRH Prince Khalid Al-Faisal, governor of Makkah, recently presented Saudi Aramco with the “Makkah Award for Architectural Excellence” for 2015.
The award was accepted by Amin Nasser, president and CEO of Saudi Aramco, in the presence of HRH Prince Mishaal bin Majed, Governor of the Jiddah Province, and a number of members of the royal family and ministers, as well as other award winners and specialists involved with the various branches of the awards.
Nasser said Saudi Aramco was proud to participate in building the Jewel of Jiddah and thanked the wise leadership of the Kingdom that supported the completion of the project, which “will give people training, recreation, and athletic opportunities today and for generations to come.
“Saudi Aramco continues to support the progress of the nation and consolidation of progress in development and sustainability in our beloved Kingdom,” he added.
Nasser spoke about the story of designing King Abdullah Sports City and said the design was shared with the late King Abdullah in 2002. At that time, the king instructed that the facility should express the Islamic spirit of Jiddah, since it is a gateway to the Two Holy Mosques. The design also strived to reflect the vision of the Kingdom to be a leading Arab nation.
Nasser said that since the Islamic culture was, and still is, a source of inspiration, the idea of the design symbolized a shining jewel clad with facades reflecting the local “mashrabiya,” an architecture form commonly found in the Western Region. These facades provide shade throughout the interior corridors of the stadium.
Construction of the project took about one year, and was completed in 2014. On May 1 of that year, the city was officially opened by then-King Abdullah.
King Abdullah Sports City contains an international soccer stadium that can accommodate a capacity of more than 62,000, three separate soccer stadiums, four small indoor arenas that can also be used for soccer, six tennis courts, a large indoor arena for sports and other purposes, as well as a primary mosque and six smaller mosques, a comprehensive media center, and other amenities, among which are hundreds of seats for individuals with special needs, lobby areas featuring artwork from prominent Saudi artists, and a number of halls and areas for press conferences.
The Makkah Excellence Awards are designed to encourage the distinguished quality of work of prominent individual or collective efforts. The award includes eight major areas, including excellence in Haj and Umrah services, administrative excellence, economic excellence, social excellence, cultural excellence, environmental excellence, architectural excellence, and scientific and technical excellence. Winners in these fields were honored during the annual award ceremony held in the Western Region.
Saudi Aramco publishes Aramco World twelve times a year to increase cross-cultural understanding.
The magazine’s goal is to broaden knowledge of the cultures, history and geography of the Arab and Muslim worlds and their connections with the West.
The print edition is distributed without charge, upon request, to a limited number of interested readers worldwide.
The historian al-Masudi writes that on state occasions Zubayda “could scarcely walk under the weight of her jewelry and dresses.” She endowed more charitable works for pilgrims to Makkah than any ruler of her era.
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