Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining Ltd’s (Shell) 50% interest of the SASREF joint venture in Jubail Industrial City, in Saudi Arabia, for US$631 million.
First announced in April 2019, completion follows receipt of all necessary regulatory consents. The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.
For Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.
Read the article online at: https://www.hydrocarbonengineering.com/refining/19092019/saudi-aramco-acquires-shells-share-of-sasref/