ExxonMobil, Saudi Aramco and their joint venture Samref are taking steps toward a major overhaul of the Samref refinery in Yanbu after signing an agreement to evaluate a large-scale upgrade of the facility.

The review will look at transforming the refinery into an integrated petrochemical complex, allowing the partners to expand into higher-value products. Aramco said the planned improvements could include producing cleaner distillates, lowering emissions, and boosting output of advanced chemicals used in manufacturing and industrial applications.

This effort follows an earlier memorandum of understanding signed between Aramco and ExxonMobil this year, which opened the door to exploring new investment opportunities at the Yanbu site.

Samref is owned equally by Aramco and Mobil Yanbu Refining Company, a wholly owned ExxonMobil subsidiary. The companies are expected to confirm the scope, cost and potential timeline of the project once the evaluation is completed.