Confirming progress in its projects and aspirations despite the terrorist events against its oil plants last Saturday, Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining’s (Shell) 50% interest of the SASREF joint venture in Jubail Industrial City, in Saudi Arabia, for $631mn.
Completion follows receipt of all necessary regulatory consents.
This acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.
Meanwhile for Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.
