On 14 January Sinopec closed its acquisition of a 37.5% equity interest in Yanbu Aramco Sinopec Refining Company (YASREF), a Saudi company that is developing a 400,000 barrels-per-day nameplate capacity petroleum refining facility in Yanbu, Saudi Arabia. Saudi Aramco will retain the remaining 62.5% equity interest.
The parties projects total development costs of around US$8.5 billion for the fac.
Vinson & Elkins served as Sinopec’s legal advisor with respect to its equity investment in YASREF. The project was led by Paul Deemer and Nicholas Song from the law firm’s Beijing office, with support from other China practice lawyers, including Xiao Yong and Li Zhaohui, as well as from the firm’s Saudi practice, including Looaye Al-Akkas, Ahmed el-Gaili and Sami Al-Louzi, and from the London office of Lewis Jones.
