SAMREF
is an equally owned joint venture between Saudi Arabian
Oil Company (Saudi Aramco) and Mobil Yanbu Refining
Company Inc. (a wholly owned subsidiary of Exxon Mobil
Corporation).
Saudi Arabian Oil Company (Saudi Aramco) is the worlds
largest oil producing and exporting company and was
established by Royal Decree in 1988 to assume the
responsibilities of its predecessor, Aramco that has
a history dating back more than 70 years.
Exxon Mobil Corporation is a global energy company
with a history dating back more than 132 years and
which conducts business in 140 countries on every
continent throughout the world.
SAMREF is a complex refinery which was formed for
the development, construction, ownership and operation
of crude oil refining facilities in Yanbu, Saudi Arabia.
Following the construction and start-up of the facilities,
it commenced operations on November 15, 1984.
In 1395 (H) and within the Kingdom of Saudi Arabia’s
Second Five Year Plan, the General Petroleum and Mineral
Organization (Petromin) discussed with Mobil Oil Corporation
the possibility of constructing a refinery on the
West coast of Saudi Arabia. The purpose of this refinery
is to export finished products to Europe, North America
and Far East within the framework of broad-based strategy
for an integrated petroleum industry. After thorough
studies, the city of Yanbu was chosen as the best
location for the new refinery.
Thus, approval was given to form a joint venture
under the name of Petromin Mobil Yanbu Refinery Company
Ltd. (PEMREF) as a state of the art refinery. The
refinery construction was completed in 1984 and operations
began smoothly.
On 11/1/1414 (H) (July 01 1993G) the Royal Decree
#M/1 was issued whereby all oil refineries, petroleum
products, distribution facilities and Petromin shares
in the joint venture refineries were merged into the
Saudi Arabian Oil Company (Saudi Aramco). Accordingly,
Saudi Aramco Company took over all Petromin rights
and obligations for these refineries and facilities.
As a result of this Royal Decree, the name of the
Company was changed to Saudi Aramco Mobil Refinery
Company Ltd. (SAMREF). |
