Aramco acquire’s Shell’s share of the SASREF refining joint venture for $631m

Saudi Arabian Oil Company, Saudi Aramco, has acquired of Shell Saudi Arabia (Refining) Limited’s 50 per cent interest in the SASREF joint venture in Jubail Industrial City for $631 million.

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 ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.

For more information visit www.shell.com, www.saudiaramco.com