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
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
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.