THE HAGUE (dpa-AFX) - Saudi Arabian Oil Company (Saudi Aramco) announced on Sunday that it would buy Shell Saudi Arabia Refining Limited's (Shell) 50% share of the SASREF joint venture in Jubail Industrial City for $631 million. The refinery has a capacity of 305,000 barrels per day. The sale is expected to complete later this year.
Saudi Aramco specified that the acquisition supports its plan to increase the complexity and capacity of its refineries, and for Shell, the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell Trading hubs and Chemicals.
John Abbott, Shell Downstream Director, said: 'SASREF has been a long and successful partnership between Shell and Saudi Aramco. The refinery has operated with good reliability, and has an impressive safety record. We're proud of what we have achieved together over the past four decades and will continue to explore new business opportunities.'
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