Petrochemicals Shell Sells its Share in Sadaf to Sabic
Shell has completed the procedure of selling 50 % of its share in Sadaf, the petrochemicals joint venture, in the Kingdom of Saudi Arabia to Sabic for $820 million.
The Netherlands – Shell has sold 50 % of its share in Sadaf, the petrochemicals joint venture, situated in Al Jubail, in the Kingdom of Saudi Arabia (KSA) to Sabic for $820 million. The sale was announced in January 22, 2017 and the completion follows anti-trust filings in the relevant countries and regulatory approval from the KSA.
This acquisition will enable Sabic to optimise operations at Sadaf and further invest in the facilities, integrating them with Sabic’s other affiliates. This step will allow Shell to focus on its downstream activities and make selective investments to support the growth of its global chemicals business. Completion of this deal shows the clear momentum behind Shell’s global, value-driven $30 billion divestment programme. This deal does not impact Shell’s other interests in the KSA.