Shell has announced that it has completed the sale of its 50% share in SADAF to SABIC for US$820 million.
The sale of the petrochemicals joint venture, located in Al Jubail, Saudi Arabia, was originally announced in January 2017.
Completion follows anti-trust filings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia.
This acquisition will enable SABIC to optimise operations at SADAF and further invest in the facilities, integrating them with the company’s other affiliates.
In a statement, Shell said that the sale will enable the company to focus its downstream activities and make selective investments to support the growth of its global chemicals business. The statement added: “Completion of this deal shows the clear momentum behind Shell’s global, value-driven US$ 30 billion divestment programme.”
This deal does not impact Shell’s other interests in the Kingdom of Saudi Arabia.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/17082017/shell-completes-sale-of-sadaf-to-sabic/