Saudi Aramco will acquire Royal Dutch Shell's share of the partners’ 50-50 joint venture Saudi Aramco Shell Refinery Co. (SASREF), which operates the 305,000-b/d refinery at Jubail, Saudi Arabia.
Aramco will purchase Shell’s 50% interest in the JV for $631 million in a transaction thatis scheduled to close later this year.
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. For Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations
