Saudi Arabia: Downstream Operations Saudi Aramco Completes Acquisition in Sasref JV for 631 Million Dollars
Saudi Aramco has completed the acquisition of Shell’s 50 % stake in the Sasref refining joint venture in Jubail, Saudi Arabia. The move is in line with Saudi Aramco’s long term downstream growth strategy.
Dhahran/Saudi Arabia – The Saudi Arabian Oil Company (Saudi Aramco) has completed the acquisition of Shell Saudi Arabia’s (Refining) 50 % interest in the Sasref joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for 631 million dollars.
Completion follows the 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 that aims to integrate its refining portfolio with Shell Trading hubs and chemicals operations.