Saudi Aramco and Sinopec Group of China took another giant leap forward with the signing on Saturday of a landmark joint venture agreement to set up an ultramodern, highly sophisticated, full-conversion oil refinery in Yanbu. Called simply YASREF, the Yanbu Aramco Sinopec Refining Co. Ltd. will begin production in the second half of 2014, processing 400,000 barrels of heavy crude a day. Saudi Aramco will hold a 62.5 percent stake in the plant while Sinopec Group will own the remaining 37.5 percent, according to a report published today by Arab News. Saudi Aramco President and CEO Khalid Al-Falih and Sinopec Group Chairman Fu Chengyu signed the agreement at the Saudi Aramco headquarters here in Dhahran in the presence of Minister of Petroleum and Mineral Resources Ali Al-Naimi; Prince Saud bin Abdullah bin Thinayan, chairman of the Royal Commission for Jubail and Yanbu; Prince Faisal bin Turki, adviser to the minister of petroleum mineral resources; Dr. Khalid S. Al-Sultan, rector of King Fahd University of Petroleum and Minerals; Riyadh Chamber of Commerce and Industry Chairman Abdul Rahman Al-Jeraisey; Asharqia Chamber Chairman Abdul Rahman Al-Rashed and a number of leading Saudi and Chinese businessmen.
