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.
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.