Saudi Aramco Acquires Shell’s Share of the Sasref Refining Joint Venture

Thursday, 19 September, 2019 - 06:15
Asharq Al-Awsat

Confirming progress in its projects and aspirations despite the terrorist events against its oil plants last Saturday, Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining’s (Shell) 50% interest of the SASREF joint venture in Jubail Industrial City, in Saudi Arabia, for $631mn.

Completion follows receipt of all necessary regulatory consents.

This acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.

Meanwhile for Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.

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