On October 23rd, in the run-up to the 7th Future Investment Initiative, China Petroleum & Chemical Corporation (Sinopec) and Aramco signed a Memorandum of Understanding (MoU) in Dhahran on “YASREF+Project”.

“YASREF+Project” is an integrated petrochemical project that converts liquids to chemicals, which includes a 1.8 mta ethylene cracker and downstream derivatives units. The feedstock is mainly supplied by China's largest investment project in Saudi Arabia—Yanbu Aramco Sinopec Refining Company (YASREF) refinery. After the completion of the project, it will contribute to energy transformation and Saudi Vision 2030. YASREF is jointly invested by Sinopec and Aramco, which has been in successful operation since January 2016.