Admin l Wednesday, September 18, 2019
SAUDI ARABIA – Saudi Arabian Oil Company (Saudi Aramco) today announced that it has completed 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 $631 million.
The 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.
However, Shell describes the sale as part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations
On April 21, 2019, The Saudi Arabian Oil Company (Saudi Aramco) and Shell Saudi Arabia (Refining) Limited (Shell) announced that Saudi Aramco was to acquire Shell’s 50% share of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631 million.
Saudi Aramco is a global integrated energy and chemicals company, driven by the core belief that energy is opportunity.
“From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do”, Saudi Aramco said.
