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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-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)

The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday.

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi.

The Saudi and Iranian sides reiterated their commitment to implementing the Beijing Agreement in all its provisions and their continued effort to consolidate neighborly relations between their countries by respecting the Charter of the United Nations and the Charter of the Organization of Islamic Cooperation, and international law. This includes respecting the sovereignty, independence, and security of states.

Saudi Arabia and Iran welcomed the continued positive role played by China and the importance of its support and follow-up on the implementation of the Beijing Agreement that was signed in March 2023.

China underscored its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.

The three countries welcomed the continued progress in Saudi-Iranian relations and the opportunities it provides for direct communication between the two countries at all levels and sectors.

They noted the great importance of these contacts, meetings and mutual visits between high officials from the two countries, especially in light of the current regional tensions and escalation that threaten the security of the region and world.

The officials welcomed the progress of consular services between the two countries, which allowed more than 87,000 Iranian pilgrims to perform the Hajj and more than 52,000 Iranians to perform the Umrah with ease and security during the first ten months of 2024.

They welcomed the first meeting of the Saudi-Iranian joint Media Committee and the signing of a Memorandum of Understanding (MoU) between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Institute of Political and International Studies of the Iranian Ministry of Foreign Affairs.

Saudi Arabia and Iran additionally expressed readiness to sign a Double Taxation Avoidance Agreement (DTAA). Along with China, they look forward to expanding cooperation among them in various fields including economic and political.

The three countries called for an immediate end to the Israeli assault against Palestine and Lebanon, condemning its attacks and violations of Iran’s sovereignty and territorial integrity.

They further called for the uninterrupted flow of humanitarian aid and relief to Palestine and Lebanon, warning that the continuing cycle of violence and escalation is a serious threat to the security of the region and world.

The three countries reiterated their support for a comprehensive political solution in Yemen in line with internationally recognized principles under the auspices of the United Nations.