Shell’s share of the SASREF refining venture will be acquired by Aramco, giving it complete ownership of the project.
Saudi Aramco will acquire a 17% stake in South Korea’s Hyundai Oilbank for approximately US$1.25 billion.
The agreement stipulates that Aramco will supply Arabian crude oil to the Polish oil refiner, PKN Orlen, in exchange for high sulfur fuel oil.
A new report from ICIS suggests that ‘big oil’ in the Middle East will boost the global petrochemicals footprint.
Advancing its integrated refining and petrochemicals business, Aramco gains access to SABIC’s 62 million tpy petrochemicals capacity.
In a speech given at the Gulf Petrochemicals and Chemicals Association’s Research and Innovation summit, Aramco outlined their vision of increased research and production in the industry.
The 50:50 joint venture plans to invest around US$1 billion over the next six years in the Saudi fuel retail market.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).