Tawasul
Mubasher TV
Contact Us Advertising   العربية

Aramco acquires Shell’s stake in Saudi refining JV for $631m

Aramco acquires Shell’s stake in Saudi refining JV for $631m
The deal was concluded at a total value of $631 million

Riyadh – Mubasher: The Saudi oil giant Aramco has completed the acquisition of Shell’s 50% stake in their Saudi Aramco Shell Refinery Co (SASREF), affiliated to Shell Saudi Arabia Limited, situated in Jubail Industrial City.

The deal was concluded at a total value of $631 million, according to a press release on Wednesday.

The said purchase is part of Aramco’s long-term downstream growth strategy that aims to “increase the complexity and capacity of its refineries”, while it represents Shell’s continuous efforts in strengthening the company’s “refining portfolio with Shell Trading hubs and chemicals operations”.