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9/18/2019, 1:32 PM (Source: TeleTrader)
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Aramco finishes acquisition of Shell’s share of Saudi JV

Royal Dutch Shell plc announced on Wednesday that the Saudi Arabian Oil Company (Saudi Aramco) has completed their long awaited $631 million worth acquisition of Shell Saudi Arabia (Refining) Limited’s 50% interest in the SASREF joint venture in Jubail Industrial City, Saudi Arabia.

The deal was completed after it received all regulatory approvals needed. "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.

Shell commented that the sale is a part of its plan to integrate its refining portfolio with Shell Trading hubs and chemicals operations.

Breaking the News / TF