Entity

Saudi Aramco Mobil Refinery Company Ltd. (SAMREF) is an equally owned joint venture between Saudi Arabian Oil Company (Saudi Aramco) and Mobil Yanbu refining Company Inc. (a wholly owned subsidiary of Exxon Mobil Corporation), operating one of the leading export refineries in the Middle East. Located on the Red Sea coast in Yanbu Industrial City, the refinery processes more than 400,000 barrels per day (bpd) of Arabian Light crude oil and produces a full range of petroleum products for both domestic and international markets. As an export-oriented complex refinery, SAMREF plays a key role in supporting Saudi Arabia's energy supply objectives and its Vision 2030 economic diversification agenda.

History

The origins of SAMREF trace back to 1975 (1395 H), when the General Petroleum and Mineral Organization (Petromin) began discussions with Mobil Oil Corporation on the possibility of constructing a refinery on the West coast of Saudi Arabia, as part of the Kingdom's Second Five Year Plan. The joint venture company was formally established in 1981, and following construction, commenced operations on November 15, 1984 with a design capacity of 263,000 bpd of Arab Light Crude. Through continuous improvement and facility upgrades, throughput capacity has since grown to over 400,000 bpd — an increase of more than 52% above original design.

Recent Developments — Venture Framework Agreement (2025)

In a significant strategic development, ExxonMobil, Aramco, and SAMREF signed a Venture Framework Agreement (VFA) on December 8, 2025, to evaluate a major upgrade and expansion of the SAMREF refinery into a fully integrated petrochemical complex. The agreement initiates a preliminary front-end engineering and design (pre-FEED) phase, subject to market conditions, regulatory approvals, and a Final Investment Decision (FID) by both shareholders.

The planned scope of the upgrade includes:

• Refinery upgrade to maximize conversion of crude and petroleum liquids into high-value chemicals
• Production of high-quality distillates with lower emissions profiles
• Development of high-performance chemicals production capacity
• An integrated emissions reduction strategy to improve the refinery's energy efficiency and reduce operational emissions

Aramco's Downstream President Mohammed Y. Al Qahtani described the project as "a step in our long-term strategic collaboration with ExxonMobil" and a reinforcement of Aramco's liquids-to-chemicals (L2C) strategy. ExxonMobil Senior Vice President Jack Williams noted that the project "aligns with our strategy to focus on investments that allow us to grow high-value products that meet society's evolving energy needs".