Saudi Aramco and Sinopec Sign Yasref Refinery Deal (Update)

Sinopec says it has signed a joint venture agreement with Saudi Aramco on January 15, for the previously announced refinery at Yanbu, Saudi Arabia. The jv has been named Yanbu Aramco Sinopec Refining Co. (Yasref), formerly the Red Sea Refining Co. Saudi Aramco holds a 62.5% stake in the jv and Sinopec holds the remaining 37.5% stake. The jv agreement follows a memorandum of understanding between the two companies signed in March 2011. The jv agreement was signed during Chinese Premier Wen Jiabao’s visit to Saudi Arabia, to enhance bilateral relations. The...

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