Saudi Arabia’s state-owned oil company, Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining Limited.
Aramco has bought Shell’s 50% interest in the SASREF, a joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631 million.
The company disclosed that 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.
Shell said the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.