On December 8, 2025, Exxon Mobil, Saudi Arabia’s national oil company Aramco, and the Saudi refinery operator Samref signed an agreement to evaluate a major upgrade of the Samref refinery in Yanbu. The partnership will assess the feasibility of expanding the refinery’s capacity beyond its current 400,000 barrels per day and converting a portion of the facility into an integrated petrochemical complex that could add several hundred thousand barrels per day of crude‑processing capacity and new petrochemical product lines.
Samref is a 50‑50 joint venture between Aramco and Mobil Yanbu Refining Company Inc., a wholly owned subsidiary of Exxon Mobil. The refinery has grown from its original 263,000‑bpd design to over 400,000 bpd through successive expansions. The proposed upgrade would not only increase throughput but also shift a segment of the plant into high‑value petrochemicals, positioning the complex to meet rising regional demand for plastics, chemicals, and fuels.
The agreement reflects a strategic alignment for all three parties. For Exxon Mobil, the project offers a pathway to diversify beyond upstream operations and deepen its presence in the downstream value chain, a priority highlighted in its 2025 strategy. Aramco’s participation dovetails with its Vision 2030 “liquids‑to‑chemicals” agenda, aiming to convert more crude into high‑margin chemicals. Both companies also emphasize lower‑emission distillates and energy‑efficient processes, aligning with global sustainability trends and Saudi Arabia’s environmental commitments.
The next step is a preliminary front‑end engineering and design (pre‑FEED) phase that will evaluate technical and economic viability. The outcome will determine whether the project proceeds to a final investment decision, which will be contingent on market conditions, regulatory approvals, and the companies’ capital allocation priorities. No specific investment size or timeline has been disclosed at this stage.
"This next phase of Samref marks a step in our long‑term strategic collaboration with Exxon Mobil," said Mohammed Y. Al Qahtani, Aramco Downstream President. "It reinforces our commitment to advancing downstream value creation and our liquids‑to‑chemicals strategy, positioning Samref as a key driver in the Kingdom’s petrochemical sector." Jack Williams, Exxon Mobil Senior Vice President, added, "We look forward to evaluating this project, which aligns with our strategy to grow high‑value products that meet society’s evolving energy needs and contribute to a lower‑emission future."
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