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Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m
Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631mArab News
Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m
Author: 
Reuters
ID: 
1555836876038673500
Sun, 2019-04-21 08:45

DUBAI: Saudi Aramco will acquire Royal Dutch Shell’s 50 percent stake in their Saudi refining joint venture SASREF for $631 million, the two companies said on Sunday.

The purchase, which is part of Aramco’s strategy to expand its downstream operations, will be completed later this year, they said in a joint statement.

Saudi Aramco Shell Refinery Co. (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).

“Saudi Aramco will take full ownership and integrate the refinery into its growing downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals business,” Abdulaziz Al-Judaimi, Aramco’s senior vice president of downstream, said in the statement.

Aramco aims to become a global leader in chemicals and the world’s largest integrated energy firm, with plans to expand its refining operations and petrochemical output.

For Shell, “the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell trading hubs and chemicals,” the company said.

Shell has sold over $30 billion of assets in recent years as it shifts its focus to lower carbon businesses such as natural gas and petrochemicals.

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Weather Update
Provincial capitals of Saudi Arabia (arranged from highest to lowest temperatures)

Najran
Najran
36 °C
Jazan
Jazan
33 °C
Makkah
Makkah
33 °C
Buraidah
Buraidah
30 °C
Riyadh
Riyadh
30 °C
Baha
Baha
29 °C
Dammam
Dammam
28 °C
Madinah
Madinah
28 °C
Hail
Hail
27 °C
Abha
Abha
25 °C
Tabuk
Tabuk
23 °C
Arar
Arar
22 °C
Sakaka
Sakaka
22 °C
Last updated on : 1400 For weather in other cities of Saudi Arabia, visit our Weather Update Page

Prayer Times

EZKSA Directories for Saudi Arabia

Diplomatic Missions to Saudi Arabia

Consulate
Consulate General of Russia in Saudi Arabia
Jeddah, Makkah Province
6659212
Consulate
Consulate General of Cameroon in Saudi Arabia
Jeddah, Makkah Province
6804541
Embassy
Embassy of Mali in Saudi Arabia
Riyadh, Riyadh Province
14195640
Embassy
Embassy of Malaysia in Saudi Arabia
Riyadh, Riyadh Province
4887100
Embassy
Embassy of Jordan in Saudi Arabia
Riyadh, Riyadh Province
4880071

Diplomatic Missions from Saudi Arabia

Embassy
Embassy of Saudi Arabia in United Arab Emirates
Abu Dhabi, United Arab Emirates
4445352
Embassy
Embassy of Saudi Arabia in Pakistan
islamabad, Pakistan
2820150
Consulate
Consulate of Saudi Arabia in Syria
Damascus, Syria
6116599

Chambers of Commerce of Saudi Arabia

logo-organisation-jeddah-chamber-of-commerce-and-industry-jcci-jeddah-saudi-arabia
Jeddah Chamber of Commerce & Industry
Jeddah,Makkah Province
6515111
logo-organisation-al-baha-chamber-of-commerce-and-industry-bcci-baha-saudi-arabia
Al Baha Chamber of Commerce & Industry
Baha,Al Bahah Province
7250042
logo-organisation-zulfi-chamber-of-commerce-and-industry-zulfi-chamber-zulfi-saudi-arabia
Zulfi Chamber of Commerce & Industry
Zulfi,Riyadh Province
4220735
logo-organisation-makkah-chamber-of-commerce-and-industry-mcci-makkah-al-mukarammah-saudi-arabia
Makkah Chamber of Commerce & Industry
Makkah,Makkah Province
5343838
logo-organisation-tabuk-chamber-of-commerce-and-industry-tabuk-chamber-tabuk-saudi-arabia
Tabuk Chamber of Commerce & Industry
Tabuk,Tabuk Province
4222736

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2019

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