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Saudi Aramco, Exxon Mobil, Samref Sign Deal for Possible Refinery Facility Upgrade

MT Newswires·12/08/2025 09:36:31
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09:36 AM EST, 12/08/2025 (MT Newswires) -- Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, signed a venture framework agreement with US-based Exxon Mobil (XONA.F, XOM.VI) and Saudi Aramco Mobil Refinery, or Samref, to potentially upgrade the latter's refinery facility in Yanbu, Saudi Arabia. The companies will also assess the possibility of enlarging Samref's facility to become an integrated petrochemical complex and look into capital investment opportunities to improve and diversify its petroleum production. Samref is a joint venture between the two energy giants.