Saudi Aramco completes acquisition of Shell’s share of the SASREF refining joint venture

Saudi Aramco completes acquisition of Shell’s share of the SASREF refining joint venture

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