Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining Limited’s (Shell) 50% interest of the Sasref joint venture in Jubail Industrial City, Saudi Arabia, for $631 million.
The 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, a statement said.
For Shell, the sale is part of an ongoing effort to integrate its refining portfolio with Shell Trading hubs and chemicals operations, it added.
