Aramco to buy Shell’s 50% stake in Saudi refining for US$631 mln

Aramco to buy Shell’s 50% stake in Saudi refining for US$631 mln

The sale and joint venture between Saudi Aramco, Shell and Saudi refining is expected to be sealed by year end.

An employee uses binoculars to look out towards the Arabian Sea in the Port Control Centre at Saudi Aramco’s Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia. (Bloomberg pic)
DUBAI:
Saudi Aramco said on Sunday it would acquire Royal Dutch Shell’s 50% stake in Saudi refining joint venture SASREF for US$631 million.

The sale is expected to complete later this year, the two companies said in a joint statement.

Saudi Aramco Shell Refinery (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).

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