Saudi Aramco completes acquisition of Shell’s share of the SASREF refining joint venture
The Saudi Arabian Oil Company (Saudi Aramco) has completed the acquisition of Shell Saudi Arabia (Refining) Limited’s (Shell) 50% interest in the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for USD631 million, the two companies announced on 18 September.
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 on-going effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.
On 21 April, Saudi Aramco and Shell Saudi Arabia (Refining) Limited announced that Saudi Aramco was to acquire Shell’s 50% share of the SASREF joint venture in Jubail