Saudi Aramco to buy Shell's stake in Saudi refining JV for $631 millionChristian Fernsby ▼ |
Acquisition For Shell, the sale is part of an ongoing effort to focus its refining portfolio
The Saudi Arabian Oil Company (Saudi Aramco) is to acquire Shell Saudi Arabia Refining Limited’s (Shell) 50% share of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631 million.
For Shell, the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell Trading hubs and Chemicals. The sale is expected to complete later this year, subject to regulatory approval.
The refinery has a capacity of 305,000 barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur. ■
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