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Aramco, Rongsheng Petrochemical Sign Framework Agreement to Advance SASREF Expansion

Aramco, Rongsheng Petrochemical Sign Framework Agreement to Advance SASREF Expansion
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Aramco, Rongsheng Petrochemical Sign Framework Agreement to Advance SASREF Expansion

Aramco, Rongsheng Petrochemical Sign Framework Agreement to Advance SASREF Expansion

Saudi Aramco, one of the world's leading integrated energy and chemicals companies, Aramco affiliate Saudi Aramco Jubail Refinery Company (SASREF), and an affiliate of Rongsheng Petrochemical Co. Ltd. (Rongsheng Petrochemical) signed a Development Framework Agreement in Beijing, China, that paves the way for an expansion project at SASREF in Jubail, Saudi Arabia.

The tripartite agreement outlines the cooperation mechanism and planning for the project's design and development. The project aims to expand SASREF's refining and petrochemical capabilities while fostering international collaboration, said Aramco in a statement on Tuesday.

Aramco Downstream President Mohammed Y. Al Qahtani said: "By aligning our efforts, Aramco and Rongsheng Petrochemical aim to deliver additional value to our stakeholders. This Development Framework Agreement underscores Aramco's intentions to foster closer collaboration with key partners and progress its strategic downstream expansion, both in the Kingdom of Saudi Arabia and internationally. It also highlights the potential of the Kingdom's downstream sector to attract overseas players."

Rongsheng Petrochemical Chairman Li Shuirong said: "The signing of the Development Framework Agreement sets the stage for Rongsheng Petrochemical's in-depth participation in the SASREF expansion project."

"Saudi Arabia has abundant energy resources and significant market potential, and Rongsheng Petrochemical will bring strong momentum to the partnership through our excellent operation and management capabilities and market competitiveness," he added

"This collaborative project not only has important strategic value for the future development of both companies but will also make contributions to China's Belt and Road Initiative and Saudi Arabia's Vision 2030," he stressed.

In April, Aramco and Rongsheng Petrochemical signed a Cooperation Framework Agreement relating to the planned formation of a joint venture in SASREF and significant investments in the Saudi and Chinese petrochemical sectors. Preliminary documentation relating to the Development Framework Agreement was signed in September.

The SASREF expansion project is located in Jubail Industrial City, which is along the Arabian Gulf coast in Saudi Arabia's Eastern Province. The city has a well-developed infrastructure and strategic geographical advantages.

The project, which is currently in the PREFEED stage, envisages the construction of large-scale steam crackers and the integration of associated downstream derivatives into the existing SASREF complex, enhancing its ability to meet the growing demand for high-quality petrochemical products.

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Saudi Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
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Saudi Arabia Reiterates Categorical Rejection of Israel’s Ongoing Attack against Palestinians, Relief Agencies

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chairs the cabinet meeting in Riyadh. (SPA)

The Saudi government reiterated on Tuesday its categorical rejection of the Israeli forces’ ongoing attacks against civilians and humanitarian and relief agencies.

It called on the international community to assume its responsibilities towards these violations against the Palestinian people.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the cabinet meeting that was held in Riyadh.

The ministers were briefed on the telephone calls Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, held with Russian President Vladimir Putin and French President Emmanuel Macron.

They reviewed the talks held by senior Saudi officials with their counterparts from different countries, at bilateral and multilateral levels, with the aim of strengthening ties, intensifying efforts to open up new horizons in various fields and achieve aspired goals, and bolstering efforts exerted to tackle global challenges.

The cabinet tackled the outcome of the second meeting of the Saudi-French Ministerial Committee, and the efforts to strengthen cultural, tourism, and economic partnerships between AlUla and Paris, in view of the special relations between their countries and commitment to developing ties in all sectors.

The cabinet commended the outcome of the second meeting of the Ministerial Committee on Political, Security, Social, and Cultural Cooperation, established under the Saudi-India Strategic Partnership Council, which underscored the importance of coordination and cooperation on issues of common interest, particularly those related to economic development and international security and peace.

It reviewed the latest regional and international developments, focusing on the situation in the Palestinian territories.

The cabinet reiterated its concern over extremist Israeli statements about imposing sovereignty over the West Bank, and the construction and expansion of settlements.

These actions undermine peace efforts, threaten regional security and stability, and are a blatant violation of international laws and relevant UN resolutions, it warned.

Domestically, the cabinet hailed the support lent by King Salman to the current Riyadh Economic Forum, saying that the recommendations of the 11th session of the forum can be expected to give further impetus to the national economy and bolster the private sector's role in the Kingdom's comprehensive development.

The cabinet recognized the success of the "Cityscape Global 2024" exhibition held in Riyadh, which aligns with national goals and offers promising prospects to the real estate sector. The value of the transactions concluded at the exhibition surpassed SAR230 billion, with sales from local and international developers exceeding SAR20 billion. The exhibition attracted over 172,000 visitors, underscoring the success of the Kingdom's efforts to position itself as a global hub for exhibitions and conferences.

Moreover, the cabinet praised the outcomes of the "Jeddah Declaration", issued during the Fourth High-Level Ministerial Meeting on Antimicrobial Resistance, commending the initiatives and mechanisms that bolster the global commitment to a multifaceted approach in tackling global health challenges and seeking solutions through research, development, and innovation.

The cabinet said the Fourth Edition of the Saudi Green Initiative Forum, set for December 3-4, will be geared toward expediting efforts aimed at fostering a more sustainable future. The initiative has had concrete positive impacts on climate and environmental initiatives, helping boost the total capacity of renewable energy sources to over four gigawatts, planting about 95 million trees, and translocating 1,660 endangered animals across the Kingdom.