Sinopec announced on January 20 that Yanbu Aramco Sinopec Refining Company (YASREF), its first overseas refining and petrochemical project, shipped 300,000 barrels of diesel, marking it officially started commercial operation. Its public utility and units of atmospheric and vacuum distillation, delayed coking, etc. have been operational and the remaining units are in commissioning.
YASREF is Sinopec’s first overseas refining and petrochemical project as well as China’s largest investment in Saudi Arabia. It is a joint venture by Sinopec and Saudi Arabian Oil Company (Saudi Aramco) with a total investment of nearly $10 billion. The joint venture agreement was signed by the two sides in early 2012, and Sinopec and Saudi Aramco hold respectively 37.5% and 62.5% of the equity.