Saudi Aramco acquires share of refining joint venture

Saudi Arabian Oil Company has completed the acquisition of Shell Saudi Arabia Refining Limited’s (Shell) 50% interest of 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.

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