Saudi Aramco Completes Acquisition of Shell’s Share of the SASREF Refining Joint Venture

Source Press Release
Company Royal Dutch ShellSaudi Aramco 
Tags Corporate Deals, Deals, Refinery Project, Refining & Marketing Activities
Date September 18, 2019

Today (September 18, 2019) 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 $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

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd