On April 8th, it was learned from the News Office of Sinopec that on the occasion of the 10th anniversary of the establishment of the Yanbu Refinery Joint Venture, Sinopec and Saudi Aramco signed the "Yanbu Refinery Expansion Project Cooperation Framework Agreement". This project will rely on existing facilities to build a new 1.8 million tons/year ethylene and 1.5 million tons/year aromatic hydrocarbon plant, as well as a supporting downstream polyolefin plant, maximizing the synergistic effect of refining and chemical integration and creating an innovative ecosystem for the entire industry chain. After being put into operation, the project will effectively enhance the production capacity of high-end petrochemical products, promote the diversified development of Saudi Arabia′s industry and meet global market demand. Zhao Dong, General Manager of Sinopec, and Amin Nasser, President and CEO of Saudi Aramco, jointly witnessed the signing of the agreement.

Yanbu Refinery is a world leading refinery jointly built by Sinopec and Saudi Aramco, and also an important practice of the "the Belt and Road" initiative and Saudi Arabia′s "Vision 2030". Covering an area of approximately 5.2 million square meters, the plant is located in Yanbu Industrial City, Saudi Arabia. It is an important benchmark enterprise in the region. Yanbu Refinery processes 430,000 barrels of Saudi heavy crude oil per day and produces finished oil and high value-added products to supply the global market.