Saudi Aramco completes acquisition of Shell’s share of SASREF

Source: press release, 18 September 2019

The Saudi Aramco Shell Refinery, Jubail, Saudi Arabia
The Saudi Aramco Shell Refinery, Jubail, Saudi Arabia (photo: SASREF)

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 USD 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.