Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture
The Saudi Arabian Oil Company (Saudi Aramco) is to acquire Shell Saudi Arabia Refining Limited’s (Shell) 50% share of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631 million, the company said in its release.
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 to focus its refining portfolio, integrating with Shell Trading hubs and Chemicals. The sale is expected to complete later this year, subject to regulatory approval.
The refinery has a capacity of 305,000 barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.