State-owned Saudi Arabian Oil Company (Saudi Aramco) is continuing to bolster its position in the downstream sector.
The oil major has set a long-term strategy to drive growth through an enhanced downstream portfolio by increasing global refining capacity from 4.9 million to nearly 10 million barrels per day (bpd) by 2030.
Last month, it announced the acquisition of a 70 percent majority stake in Saudi Basic Industries Corp (SABIC), which CEO Amin Nasser called as a "major step in accelerating its transformative downstream growth strategy of integrated refining and petrochemicals".
Argaam has compiled a list of joint ventures fully acquired by Aramco.
1) Saudi Aramco will acquire Shell Saudi Arabia Refining Limited’s (Shell) 50 percent stake in the SASREF joint venture in Jubail Industrial City for $631 million. The sale is expected to complete later this year, subject to regulatory approval.
2) The oil giant acquired the remaining 50 percent stake in the rubber company Arlanxeo from specialty chemicals company Lanxess for $1.6 billion (1.4 billion euro) in December 2018.
3) Aramco acquired full control of Texas-based Port Arthur refinery, North America's largest oil refiner, in May 2017. The facility produces 603,000 barrels of oil per day.
Write to Parag Deulgaonkar at parag.d@argaamplus.com
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