SASREF Refinery in Jubail, Saudi Arabia © Saudi Aramco Media Gallery
Saudi Aramco is preparing to initiate the main tendering phase for a major expansion of its Saudi Aramco Jubail Refinery Company (Sasref) in Jubail Industrial City, with the solicitation of interest (SoI) round expected in the second quarter of 2025. This project is a key component of Aramco’s $100 billion liquids-to-chemicals program, designed to transform the Sasref refinery into an integrated refinery and petrochemicals complex through the addition of a mixed-feed and of an ethane cracker, that will draw ethane from an adjacent refinery.
South Korea’s Samsung E&A is currently executing pre-FEED and FEED work under an 18-month contract awarded by Aramco in March 2024 and the project is expected to move into the EPC tendering phase following completion of the engineering studies.
Strategic international collaboration is central to the expansion. In November 2024, Aramco signed a development framework agreement in Beijing with China’s Rongsheng Petrochemical, outlining joint planning and cooperation for the Sasref project. This builds on earlier agreements from April and September 2024, which set the stage for a potential joint venture, with Rongsheng considering the acquisition of a 50% stake in Sasref and Aramco potentially taking a 50% stake in Rongsheng’s Ningbo Zhongjin Petrochemical Company (ZJPC)
Aramco has been the sole owner of Sasref since acquiring Shell’s 50% stake in 2019. The Sasref expansion is part of Aramco’s broader strategy to maximize value from its crude production, expand its downstream footprint, and foster international partnerships in both Saudi Arabia and China.
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