The Saudi Arabian Oil Company has announced the opening of the Yanbu Aramco Sinopec Refining Company, or YASREF, refinery. Established on January 14, 2012, YASREF is a joint venture between Saudi Aramco, which holds a 62.5% share, and China Petroleum & Chemical Corporation ("Sinopec"), which holds a 37.5% share. YASREF represents both companies' focus on driving downstream growth across the entire hydrocarbon chain.