Aramco to buy Shell's stake in Saudi refining JV for $631 mln
(Adds details, quotes)
DUBAI, April 21 (Reuters) - Saudi Aramco will acquire Royal
Dutch Shell's 50 percent stake in their Saudi refining
joint venture SASREF for $631 million, the two companies said on
The purchase, which is part of Aramco's strategy to expand
its downstream operations, will be completed later this year,
they said in a joint statement.
Saudi Aramco Shell Refinery Co (SASREF), based in Jubail
Industrial City in Saudi Arabia, has a crude oil refining
capacity of 305,000 barrels per day (bpd).
"Saudi Aramco will take full ownership and integrate the
refinery into its growing downstream portfolio. SASREF will
continue to be a critical facility in our refining and chemicals
business," Abdulaziz al-Judaimi, Aramco's senior vice president
of downstream, said in the statement.
Aramco aims to become a global leader in chemicals and the
world’s largest integrated energy firm, with plans to expand its
refining operations and petrochemical output.
For Shell, "the sale is part of an ongoing effort to focus
its refining portfolio, integrating with Shell trading hubs and
chemicals," the company said.
Shell has sold over $30 billion of assets in recent years as
it shifts its focus to lower carbon businesses such as natural
gas and petrochemicals.
(Reporting by Rania El Gamal; Editing by Mark Potter and Susan
First Published: 2019-04-21 10:45:34
Updated 2019-04-21 12:39:53
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