Aramco completes buyout of Sasref refining joint venture
Saudi Aramco has completed a deal to acquire Shell’s share of the partners’ 50-50 joint venture Saudi Aramco Shell Refinery Co., which operates the 305,000-b/d refinery at Jubail, Saudi Arabia.
Saudi Aramco has completed a deal to acquire Royal Dutch Shell PLC’s share of the partners’ 50-50 joint venture Saudi Aramco Shell Refinery Co. (Sasref), which operates the 305,000-b/d refinery at Jubail, Saudi Arabia (OGJ Online, Apr. 22, 2019).
As part of the deal, Aramco purchased Shell’s 50% interest in the JV for $631 million in a transaction that closed on Sept. 18, Aramco and Shell said in a joint release.
The acquisition supports Aramco’s plan to increase the complexity and capacity of its refineries as part of its long-term downstream growth strategy.
For Shell, the Sasref sale came as part of an ongoing effort to focus its refining portfolio to further integrate with Shell Trading hubs and chemicals, the operator said.
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