State oil giant Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining Limited’s (Shell) 50 percent share of the SASREF joint venture in Jubail Industrial City for $631 million (SAR 2.3 billion).
The SASREF facility has a capacity of 305,000 barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.
Completion follows receipt of all necessary regulatory consents, a joint statement said.
“The sale is part of an ongoing effort integrating our refining portfolio with Shell Trading hubs and chemicals operations,” the Hague-headquartered firm said.
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.
Comments
{{DisplayName}}
{{ElapsedTime}}